Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Superior Energy Services Inc | |
Entity Central Index Key | 886,835 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 151,412,233 | |
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 ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 559,238 | $ 564,017 |
Accounts receivable, net of allowance for doubtful accounts of $32,055 and $28,242 at March 31, 2016 and December 31, 2015, respectively | 356,842 | 428,514 |
Prepaid expenses | 49,291 | 42,298 |
Inventory and other current assets | 154,503 | 165,062 |
Assets of Disposal Group, Including Discontinued Operation, Current | 66,713 | 95,234 |
Total current assets | 1,186,587 | 1,295,125 |
Property, plant and equipment, net of accumulated depreciation and depletion of $2,343,681 and $2,278,856 at March 31, 2016 and December 31, 2015, respectively | 2,065,528 | 2,123,291 |
Goodwill | 1,139,625 | 1,140,101 |
Notes receivable | 53,325 | 52,382 |
Intangible and other long-term assets, net of accumulated amortization of $87,429 and $83,520 at March 31, 2016 and December 31, 2015, respectively | 301,033 | 303,345 |
Total assets | 4,746,098 | 4,914,244 |
Current liabilities: | ||
Accounts payable | 95,912 | 114,475 |
Accrued expenses | 275,381 | 271,246 |
Income taxes payable | 17,856 | 9,185 |
Current portion of decommissioning liabilities | 22,625 | 19,052 |
Current maturities of long-term debt | 6,028 | 29,957 |
Total current liabilities | 421,297 | 448,576 |
Disposal Group, Including Discontinued Operation, Liabilities | 3,495 | 4,661 |
Deferred income taxes | 332,694 | 383,069 |
Decommissioning liabilities | 97,011 | 98,890 |
Long-term debt, net | 1,608,575 | 1,588,263 |
Other long-term liabilities | $ 179,499 | $ 184,634 |
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 and Outstanding - 151,412,233 as of March 31, 2016 Authorized - 250,000,000, Issued and Outstanding - 150,861,500 at December 31, 2015 | $ 151 | $ 151 |
Additional Paid in Capital | 2,664,761 | 2,664,517 |
Accumulated other comprehensive loss, net | (50,449) | (45,694) |
Retained earnings | (507,441) | (408,162) |
Total stockholders' equity | 2,107,022 | 2,210,812 |
Total liabilities and stockholders' equity | $ 4,746,098 | $ 4,914,244 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 32,055 | $ 28,242 |
Accumulated depreciation and depletion on Property, plant and equipment | 2,343,681 | 2,278,856 |
Accumulated amortization of Intangible and other long-term assets | $ 87,429 | $ 83,520 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 151,412,233 | 150,861,500 |
Common stock, shares outstanding | 151,412,233 | 150,861,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidated Statements of Operations [Abstract] | ||
Services | $ 313,928 | $ 685,465 |
Rentals | 99,205 | 231,770 |
Total Revenues | 413,133 | 917,235 |
Costs and expenses: | ||
Cost of services (exclusive of items shown separately below) | 285,339 | 582,246 |
Cost of Services | 252,543 | 481,993 |
Cost of rentals | 32,796 | 100,253 |
Depreciation, depletion, amortization and accretion | 136,672 | 162,220 |
General and administrative expenses | 103,155 | 150,962 |
Income from operations | (112,033) | 21,807 |
Other income (expense): | ||
Interest expense, net | (23,806) | (23,209) |
Other Nonoperating Income (Expense) | 7,755 | (971) |
Income from continuing operations before income taxes | (128,084) | (2,373) |
Income taxes | (43,548) | (878) |
Net income (loss) from continuing operations | (84,536) | (1,495) |
Income (loss) from discontinued operations, net of tax | (2,267) | (9,640) |
Net income | $ (86,803) | $ (11,135) |
Earnings per share information: | ||
Continuing Operations | $ (0.56) | $ (0.01) |
Discontinued Operations | (0.01) | (0.06) |
Basic and Diluted loss per share | (0.57) | (0.07) |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.08 | $ 0.08 |
Weighted average common shares used in computing earnings per share: | ||
Basic | 151,324 | 149,881 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statement of Comprehensive Income [Abstract] | ||
Net income | $ (86,803) | $ (11,135) |
Change in cumulative translation adjustment | (4,755) | (14,679) |
Comprehensive income | $ (91,558) | $ (25,814) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ (86,803) | $ (11,135) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 136,672 | 162,223 |
Deferred income taxes | (55,371) | (4,767) |
Stock based and performance share unit compensation expense | 10,783 | 11,816 |
Other reconciling items, net | (63) | 4,681 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||
Accounts receivable | 71,602 | 168,412 |
Inventory and other current assets | (6,529) | (14,992) |
Accounts payable | (14,979) | (20,800) |
Accrued expenses | (5,307) | (38,152) |
Income taxes | 8,987 | (30,973) |
Other, net | 3,543 | 11,955 |
Net Cash Provided by (Used in) Operating Activities, Total | 62,535 | 238,268 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (38,015) | (127,487) |
Purchase of Leased Vessel | 46,442 | |
Other | 1,880 | 1,900 |
Net Cash Provided by (Used in) Investing Activities, Total | (36,135) | (172,029) |
Cash flows from financing activities: | ||
Payment to Extinguish Capital Lease Obligation | 20,933 | |
Principal payments of long-term debt | (329,106) | (5,233) |
Payment of debt acquisition costs | (2,364) | |
Payments of Ordinary Dividends, Common Stock | 12,111 | 11,984 |
Proceeds from exercise of stock options | 6,208 | |
Other | (8,366) | (6,367) |
Net Cash Provided by (Used in) Financing Activities, Total | (26,947) | (38,309) |
Proceeds From Revolving Line Of Credit | 325,000 | |
Effect of exchange rate changes on cash | (4,232) | (6,147) |
Net increase in cash and cash equivalents | (4,779) | 21,783 |
Cash and cash equivalents at beginning of period | 564,017 | |
Cash and cash equivalents at end of period | $ 559,238 | $ 414,829 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 (SEC) ; 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, 2015 , 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 months ended March 31, 2016 and 2015 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. Certain previously reported amounts have been reclassified to conform to the 2016 presentation. The results of operations for the first three months of the year are not necessarily indicative of the results of operations that might be expected for the entire year. 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. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2016 | |
Inventory [Abstract] | |
Inventory and Other Current Assets | (2 ) In ventory 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): March 31, 2016 December 31, 2015 Finished goods $ 71,377 $ 71,951 Raw materials 17,387 23,418 Work-in-process 6,276 18,203 Supplies and consumables 36,271 35,189 Total $ 131,311 $ 148,761 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2016 | |
Notes Receivable [Abstract] | |
Notes Receivable | (3 ) Notes Receivable Notes receivable consist of a commitment from the seller of an oil and gas property acquired by the Company related to 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 $ 0.9 million and $0.4 million for the three months ended March 31, 2016 and 2015 . |
Decommissioning Liabilities
Decommissioning Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Decommissioning Liabilities [Abstract] | |
Decommissioning Liabilities | (4 ) Decommissioning Liabilities The Company’s decommissioning liabilities associa ted with an oil and gas property and its related assets consist of costs related to the plugging of wells, the removal of the related platform and equipment, and site restoration. 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. The Company had decommissioning liabilities of $119.6 million and $117.9 million at March 31, 2016 and December 31, 2015, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Debt | (5 ) Debt The Company’s outstanding debt is as follows (in thousands): March 31, 2016 December 31, 2015 Long-term Current Long-term Current Revolving credit facility due February 2019 $ 325,000 $ - $ - $ - Senior Notes due May 2019 500,000 - 500,000 - Senior Notes due December 2021 800,000 - 800,000 - Term loan - - 305,000 20,000 Other 2,387 6,028 3,089 9,957 Total debt, gross 1,627,387 6,028 1,608,089 29,957 Unamortized debt issuance costs (18,812) - (19,826) - Total debt $ 1,608,575 $ 6,028 $ 1,588,263 $ 29,957 Credit Facility At December 31, 2015, the Company had a bank credit facility, comprised of a $ 600.0 million revolving credit facility and a $ 325.0 million term loan. In February 2016, the Company amended and extended its credit facility, resulting in a $470.3 million revolving credit facility which matures in 2019 and no longer has a term loan component. At March 31, 2016, the Company had $325.0 million of borrowings and $46.6 million of letters of credit outstanding under the credit facility. Amounts borrowed under the credit facility bear interest at LIBOR plus margins that depend on the Company’s credit rating. 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 1 and November 1 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 15 and December 15 of each year through the maturity date of December 15, 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | (6 ) 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 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 notes. 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 . The Company recorded a derivative asset relating to these swaps of $9.6 million and $6.9 million within intangible and other long term assets in the consolidated balance sheets at March 31, 2016 and December 31, 2015 , respectively . The location and effect of the derivative instruments on the condensed consolidated statement of operations, presented on a pre-tax basis, are as follows (in thousands): Three Months Ended March 31, Effect of derivative instrument Location of (gain) loss recognized 2016 2015 Interest rate swap Interest expense, net $ (5,197) $ (3,448) Hedged item - debt Interest expense, net 2,490 2,185 $ (2,707) $ (1,263) For the three months ended March 31, 2016 and 2015 , approximately $ 2.7 million and $ 1.3 million of interest income, 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (7 ) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are 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 (in thousands): Fair Value Measurements at Reporting Date Using March 31, 2016 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,653 $ 368 $ 11,285 - Interest rate swaps $ 9,612 - $ 9,612 - Accounts payable Non-qualified deferred compensation liabilities $ 573 - $ 573 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,582 - $ 17,582 - December 31, 2015 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,548 $ 368 $ 11,180 - Interest rate swaps $ 6,905 - $ 6,905 - Accounts payable Non-qualified deferred compensation liabilities $ 721 - $ 721 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,367 - $ 17,367 - 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 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 $ 1,355.5 million and $ 1,508.0 million at March 31, 2016 and December 31, 2015 , 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. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Segment Information | (8) 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 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. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including 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. 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, depletion, amortization and accretion 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 is as follows (in thousands): Three Months Ended March 31, 2016 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 96,570 $ 132,472 $ 96,746 $ 87,345 $ - $ 413,133 Cost of services and rentals (exclusive of items shown separately below) 37,534 123,330 73,874 50,601 - 285,339 Depreciation, depletion, amortization and accretion 46,784 54,627 23,585 11,676 - 136,672 General and administrative expenses 28,547 25,050 24,431 25,127 - 103,155 Loss from operations (16,295) (70,535) (25,144) (59) - (112,033) Interest income (expense), net - - (793) 943 (23,956) (23,806) Other income - - - - 7,755 7,755 Income (loss) from continuing operations before income taxes $ (16,295) $ (70,535) $ (25,937) $ 884 $ (16,201) $ (128,084) Three Months Ended March 31, 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 196,636 $ 351,084 $ 251,379 $ 118,136 $ - $ 917,235 Cost of services and rentals (exclusive of items shown separately below) 61,801 254,207 191,222 75,016 - 582,246 Depreciation, depletion, amortization and accretion 48,767 59,805 39,046 14,602 - 162,220 General and administrative expenses 38,843 38,264 43,306 30,549 - 150,962 Income (loss) from operations 47,225 (1,192) (22,195) (2,031) - 21,807 Interest income (expense), net - - 235 417 (23,861) (23,209) Other expense - - - - (971) (971) Income (loss) from continuing operations before income taxes $ 47,225 $ (1,192) $ (21,960) $ (1,614) $ (24,832) $ (2,373) Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total March 31, 2016 $ 1,288,642 $ 1,854,210 $ 870,763 $ 732,483 $ - $ 4,746,098 December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244 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 rented. 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. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations are as follows (in thousands): Revenues Three Months Ended March 31, 2016 2015 United States $ 303,576 $ 760,443 Other Countries 109,557 156,792 Total $ 413,133 $ 917,235 Long-Lived Assets March 31, 2016 December 31, 2015 United States $ 1,726,577 $ 1,799,418 Other Countries 338,951 323,873 Total, net $ 2,065,528 $ 2,123,291 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation Plans | ( 9 ) 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 $ 10.4 million and $ 11.6 million for the three months ended March 31, 2016 and 2015 , respectively, which is reflected in general and administrative expenses. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (1 0) Income Taxes The Company had $ 29.7 million of unrecorded tax benefits at March 31, 2016 and December 31, 2015 , all of which would impact the Company’s effective tax rate if recognized. It is the Company’s policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | (11 ) 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. For the three months ended March 3 1 , 201 6 and 2015 , the Company incurred a loss from co ntinuing operations; therefore the impact of any incremental shares would be anti-dilutive. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2016 | |
Dispositions [Abstract] | |
Discontinued Operations | (12 ) Discontinued Operations During the first quarter of 2016, the Company’s management determined that the conventional decommissioning business no longer met the held for sale criteria at March 31, 2016. Accordingly, property, plant and equipment related to the conventional decommissioning business was reclassified back to continuing operations. At March 31, 2016, the assets of the subsea construction business were being actively marketed and the Company’s management is committed to selling the remaining assets. At March 31, 2016 , the assets and liabilities of the subsea construction business were classified as held for sale. The following table summarizes the components of loss from discontinued operations , net of tax (in thousands): Three Months Ended March 31, 2016 2015 Revenues $ - $ 2,940 Loss from discontinued operations, net of tax benefit of $0 and $1,373, respectively (2,267) (9,640) For the three months ended March 31, 2015, loss from discontinued operations included $0.5 million of loss related to the conventional decommissioning business. The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands): March 31, 2016 December 31, 2015 Current assets $ 2,713 $ 2,600 Property, plant and equipment, net 64,000 92,634 Total assets $ 66,713 $ 95,234 Current liabilities $ 3,495 $ 4,661 At December 31, 2015, assets held for sale included $26.6 million of property, plant and equipment related to the conventional decommissioning business. The Company continues to actively market these assets. |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | (1 3 ) Related Party Disclosures 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. The Company recorded revenues from Linn and its subsidiaries of $1.5 million and $2.3 million for the three months ended March 31, 2016 and 2015 , respectively. The Company had trade receivables from Linn and its subsidiaries of $0.6 million and $2.0 million at March 31, 2016 and December 31, 2015 , respectively. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 3 Months Ended |
Mar. 31, 2016 | |
Recently Issued Accounting Pronouncements | |
Recently Issued Accounting Pronouncements, Policy [Policy Text Block] | (14 ) Recently Issued Accounting Guidance In March, 2016, the Financial Accounting Sta ndards Board (FASB) issued accounting standards update (ASU) 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments. The guidance in this update addresses several aspects of the accounting for share-based payments, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard is effective for the Company beginning on January 1, 2017. The Company is evalua ting the effect that ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016 - 02 , Leases , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet. The new standard is effective for the Company beginning on January 1, 2019 and should be applied using a modified retrospective approach. The Company is evalua ting the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, Inventory – Simplifying the Measurement of Inventory , which applies to inventory measured using first-in, first-out or average cost. The guidance in this update states that inventory within its scope shall be measured at the lower of cost or net realizable value, and when the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss in earnings. The new standard is effective for the Company beginning on January 1, 2017 and should be applied on a prospective basis. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB 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, 2018. 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. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2016 December 31, 2015 Finished goods $ 71,377 $ 71,951 Raw materials 17,387 23,418 Work-in-process 6,276 18,203 Supplies and consumables 36,271 35,189 Total $ 131,311 $ 148,761 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2016 December 31, 2015 Long-term Current Long-term Current Revolving credit facility due February 2019 $ 325,000 $ - $ - $ - Senior Notes due May 2019 500,000 - 500,000 - Senior Notes due December 2021 800,000 - 800,000 - Term loan - - 305,000 20,000 Other 2,387 6,028 3,089 9,957 Total debt, gross 1,627,387 6,028 1,608,089 29,957 Unamortized debt issuance costs (18,812) - (19,826) - Total debt $ 1,608,575 $ 6,028 $ 1,588,263 $ 29,957 |
Derivative Financial Instrume23
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Location and effect of the derivative instrument on the statements of operations | Three Months Ended March 31, Effect of derivative instrument Location of (gain) loss recognized 2016 2015 Interest rate swap Interest expense, net $ (5,197) $ (3,448) Hedged item - debt Interest expense, net 2,490 2,185 $ (2,707) $ (1,263) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Summary of financial assets and liabilities measured at fair value on recurring basis | Fair Value Measurements at Reporting Date Using March 31, 2016 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,653 $ 368 $ 11,285 - Interest rate swaps $ 9,612 - $ 9,612 - Accounts payable Non-qualified deferred compensation liabilities $ 573 - $ 573 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,582 - $ 17,582 - December 31, 2015 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,548 $ 368 $ 11,180 - Interest rate swaps $ 6,905 - $ 6,905 - Accounts payable Non-qualified deferred compensation liabilities $ 721 - $ 721 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,367 - $ 17,367 - |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Identifiable Assets | Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total March 31, 2016 $ 1,288,642 $ 1,854,210 $ 870,763 $ 732,483 $ - $ 4,746,098 December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244 |
Company's information by geographic area | Revenues Three Months Ended March 31, 2016 2015 United States $ 303,576 $ 760,443 Other Countries 109,557 156,792 Total $ 413,133 $ 917,235 Long-Lived Assets March 31, 2016 December 31, 2015 United States $ 1,726,577 $ 1,799,418 Other Countries 338,951 323,873 Total, net $ 2,065,528 $ 2,123,291 |
Schedule Of Segment Reporting Information By Segment | Three Months Ended March 31, 2016 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 96,570 $ 132,472 $ 96,746 $ 87,345 $ - $ 413,133 Cost of services and rentals (exclusive of items shown separately below) 37,534 123,330 73,874 50,601 - 285,339 Depreciation, depletion, amortization and accretion 46,784 54,627 23,585 11,676 - 136,672 General and administrative expenses 28,547 25,050 24,431 25,127 - 103,155 Loss from operations (16,295) (70,535) (25,144) (59) - (112,033) Interest income (expense), net - - (793) 943 (23,956) (23,806) Other income - - - - 7,755 7,755 Income (loss) from continuing operations before income taxes $ (16,295) $ (70,535) $ (25,937) $ 884 $ (16,201) $ (128,084) Three Months Ended March 31, 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 196,636 $ 351,084 $ 251,379 $ 118,136 $ - $ 917,235 Cost of services and rentals (exclusive of items shown separately below) 61,801 254,207 191,222 75,016 - 582,246 Depreciation, depletion, amortization and accretion 48,767 59,805 39,046 14,602 - 162,220 General and administrative expenses 38,843 38,264 43,306 30,549 - 150,962 Income (loss) from operations 47,225 (1,192) (22,195) (2,031) - 21,807 Interest income (expense), net - - 235 417 (23,861) (23,209) Other expense - - - - (971) (971) Income (loss) from continuing operations before income taxes $ 47,225 $ (1,192) $ (21,960) $ (1,614) $ (24,832) $ (2,373) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Dispositions [Abstract] | |
Components of income (loss) from discontinued operations | Three Months Ended March 31, 2016 2015 Revenues $ - $ 2,940 Loss from discontinued operations, net of tax benefit of $0 and $1,373, respectively (2,267) (9,640) |
Assets and liabilities of disposal groups | March 31, 2016 December 31, 2015 Current assets $ 2,713 $ 2,600 Property, plant and equipment, net 64,000 92,634 Total assets $ 66,713 $ 95,234 Current liabilities $ 3,495 $ 4,661 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Abstract] | ||
Inventory | $ 131,311 | $ 148,761 |
Finished Goods | 71,377 | 71,951 |
Work in progress | 6,276 | 18,203 |
Raw materials | 17,387 | 23,418 |
Supplies and consumables | $ 36,271 | $ 35,189 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Notes Receivable [Abstract] | ||
Amount of notes receivable net | $ 115,000 | |
Interest rate percentage to record present value of notes receivable | 6.58% | |
Company recorded interest income | $ 900 | $ 400 |
Decommissioning Liabilities (De
Decommissioning Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of the activity for the Company's decommissioning liabilities | ||
Total decommissioning liabilities | $ 119,600 | $ 117,900 |
Less: current portion of decommissioning liabilities | 22,625 | 19,052 |
Long-term decommissioning liabilities | $ 97,011 | $ 98,890 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Credit facility, total borrowing capacity | $ 470,300 | |
Letters of Credit Outstanding, Amount | 46,600 | |
Revolving credit facility outstanding, amount | 325,000 | |
Long-term Debt, Gross | 1,627,387 | $ 1,608,089 |
Long-term Debt, Current Maturities | 6,028 | 29,957 |
Unamortized debt issuance costs | 18,812 | 19,826 |
Long-term Debt, Excluding Current Maturities, Total | 1,608,575 | 1,588,263 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, revolving borrowing capacity | 600,000 | |
Aggregate principal amount of term loan | 325,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 325,000 | |
Unsecured Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 500,000 | |
Stated interest rate on unsecured senior notes | 6.375% | |
Long-term Debt, Gross | 500,000 | |
Unsecured Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 800,000 | |
Long-term Debt, Gross | 800,000 | 800,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 2,387 | 3,089 |
Long-term Debt, Current Maturities | $ 6,028 | 9,957 |
Term loan under credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility, Term Loan Amount Outstanding | 305,000 | |
Long-term Debt, Current Maturities | $ 20,000 |
Derivative Financial Instrume31
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative Financial Instruments [Abstract] | |||
Adjustment Interval of Variable Rate on Interest Rate Swap | 90 | ||
Derivative asset | $ 9.6 | $ 6.9 | |
Interest income (expense) related to the ineffectiveness associated with the fair value hedge | 2.7 | $ 1.3 | |
Interest rate swap agreement for notional amount | $ 100 |
Derivative Financial Instrume32
Derivative Financial Instruments (The location and effect of the derivative instrument on the condensed consolidated statement of operations, pre-tax basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, (Gain) Loss [Line Items] | ||
Amount of (gain) loss recognized | $ (2,707) | $ (1,263) |
Hedged Item Debt [Member] | ||
Derivative Instruments, (Gain) Loss [Line Items] | ||
Amount of (gain) loss recognized | 2,490 | 2,185 |
Interest Rate Swap [Member] | Interest Expense, Net [Member] | ||
Derivative Instruments, (Gain) Loss [Line Items] | ||
Amount of (gain) loss recognized | $ (5,197) | $ (3,448) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Millions | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Fair Value Measurements [Abstract] | ||
Adjustment Interval of Variable Rate on Interest Rate Swap | 90 | |
Interest rate swap agreement for notional amount | $ 100 | |
Fair value of long term debt | $ 1,355.5 | $ 1,508 |
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 ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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, net | $ 11,653 | $ 11,548 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets, net | 9,612 | 6,905 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 573 | 721 |
Other long-term liabilities | 17,582 | 17,367 |
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, net | $ 368 | $ 368 |
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, net | ||
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] | 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, net | $ 11,285 | $ 11,180 |
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, net | 9,612 | 6,905 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 573 | 721 |
Other long-term liabilities | $ 17,582 | $ 17,367 |
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, net | ||
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, net | ||
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 |
Segment Information (Financial
Segment Information (Financial information for Company's segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 413,133 | $ 917,235 | |
Cost of services (exclusive of items shown separately below) | 285,339 | 582,246 | |
Depreciation, depletion, amortization and accretion | 136,672 | 162,220 | |
General and administrative expenses | 103,155 | 150,962 | |
Income from operations | (112,033) | 21,807 | |
Interest income (expense), net | (23,806) | (23,209) | |
Other Nonoperating Income (Expense) | 7,755 | (971) | |
Income (loss) from continuing operations before income taxes | (128,084) | (2,373) | |
Identifiable Assets | 4,746,098 | $ 4,914,244 | |
Subsea and Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 87,345 | 118,136 | |
Cost of services (exclusive of items shown separately below) | 50,601 | 75,016 | |
Depreciation, depletion, amortization and accretion | 11,676 | 14,602 | |
General and administrative expenses | 25,127 | 30,549 | |
Income from operations | (59) | (2,031) | |
Interest income (expense), net | 943 | 417 | |
Income (loss) from continuing operations before income taxes | 884 | (1,614) | |
Identifiable Assets | 732,483 | 794,149 | |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 96,746 | 251,379 | |
Cost of services (exclusive of items shown separately below) | 73,874 | 191,222 | |
Depreciation, depletion, amortization and accretion | 23,585 | 39,046 | |
General and administrative expenses | 24,431 | 43,306 | |
Income from operations | (25,144) | (22,195) | |
Interest income (expense), net | (793) | 235 | |
Income (loss) from continuing operations before income taxes | (25,937) | (21,960) | |
Identifiable Assets | 870,763 | 967,719 | |
Onshore Completion and Workover Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 132,472 | 351,084 | |
Cost of services (exclusive of items shown separately below) | 123,330 | 254,207 | |
Depreciation, depletion, amortization and accretion | 54,627 | 59,805 | |
General and administrative expenses | 25,050 | 38,264 | |
Income from operations | (70,535) | (1,192) | |
Income (loss) from continuing operations before income taxes | (70,535) | (1,192) | |
Identifiable Assets | 1,854,210 | 1,929,185 | |
Drilling Products and Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 96,570 | 196,636 | |
Cost of services (exclusive of items shown separately below) | 37,534 | 61,801 | |
Depreciation, depletion, amortization and accretion | 46,784 | 48,767 | |
General and administrative expenses | 28,547 | 38,843 | |
Income from operations | (16,295) | 47,225 | |
Income (loss) from continuing operations before income taxes | (16,295) | 47,225 | |
Identifiable Assets | 1,288,642 | $ 1,223,191 | |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income (expense), net | (23,956) | (23,861) | |
Other Nonoperating Income (Expense) | 7,755 | (971) | |
Income (loss) from continuing operations before income taxes | $ (16,201) | $ (24,832) |
Segment Information (Company's
Segment Information (Company's information by geographic area) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 413,133 | $ 917,235 | |
Long-lived assets | 2,065,528 | $ 2,123,291 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 303,576 | 760,443 | |
Long-lived assets | 1,726,577 | 1,799,418 | |
Other Countries Member | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 109,557 | $ 156,792 | |
Long-lived assets | $ 338,951 | $ 323,873 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Compensation expense | $ 10.4 | $ 11.6 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Mar. 31, 2016USD ($) |
Income Taxes [Abstract] | |
Unrecorded tax benefits | $ 29.7 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations before income tax | $ 0.5 | ||
Amount of notes receivable net | $ 115 | ||
Segment Conventional Decommissioning Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Property, plant and equipment, net, of discontinued operations | $ 26.6 |
Discontinued Operations (Compon
Discontinued Operations (Components of income (loss) from discontinued operations, net of tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations before income tax | $ 500 | |
Income tax expense (benefit) | (1,373) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (2,267) | (9,640) |
Segment, Discontinued Operations [Member] | ||
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items] | ||
Revenues | 2,940 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (2,267) | $ (9,640) |
Discontinued Operations (Assets
Discontinued Operations (Assets and liabilities of disposal groups) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of Disposal Group, Including Discontinued Operation, Current | $ 66,713 | $ 95,234 |
Segment, Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of Disposal Group, Including Discontinued Operation, Current | 2,713 | 2,600 |
Property, plant and equipment, net, of discontinued operations | 64,000 | 92,634 |
Disposal Group, Including Discontinued Operation, Assets, Total | 66,713 | 95,234 |
Liabilities of Disposal Group, Including Discontinued Operation, Current | $ 3,495 | $ 4,661 |
Related Party Disclosure (Detai
Related Party Disclosure (Details) - LINNENERGY[MEMBER] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 1.5 | $ 2.3 | |
Accounts Receivable, Related Parties, Current | $ 0.6 | $ 2 |