Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Superior Energy Services Inc | ||
Entity Central Index Key | 886,835 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 152,831,316 | ||
Entity Public Float | $ 2,810 | ||
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 187,591 | $ 564,017 |
Accounts receivable, net of allowance for doubtful accounts of $29,740 and $28,242 at December 31, 2016 and December 31, 2015, respectively | 297,164 | 428,514 |
Income tax receivable | 101,578 | |
Prepaid expenses | 37,288 | 42,298 |
Inventory and other current assets | 130,772 | 165,062 |
Assets held for Sale | 27,158 | 95,234 |
Total current assets | 781,551 | 1,295,125 |
Property, plant and equipment, net of accumulated depreciation and depletion | 1,605,365 | 2,123,291 |
Goodwill | 803,917 | 1,140,101 |
Notes receivable | 56,650 | 52,382 |
Intangible and other long-term assets, net of accumulated amortization | 222,772 | 303,345 |
Total assets | 3,470,255 | 4,914,244 |
Current liabilities: | ||
Accounts payable | 94,831 | 114,475 |
Accrued expenses | 218,192 | 271,246 |
Income taxes payable | 694 | 9,185 |
Current portion of decommissioning liabilities | 22,164 | 19,052 |
Current maturities of long-term debt | 29,957 | |
Liabilities Held-for-sale | 8,653 | 4,661 |
Total current liabilities | 344,534 | 448,576 |
Deferred income taxes | 243,611 | 383,069 |
Decommissioning liabilities | 101,513 | 98,890 |
Long-term debt, net | 1,284,600 | 1,588,263 |
Other long-term liabilities | 192,077 | 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-151,861,661 at December 31, 2016; Authorized-250,000,000, Issued and Outstanding-150,861,500 at December 31, 2015 | 152 | 151 |
Additional paid in capital | 2,691,553 | 2,664,517 |
Accumulated other comprehensive loss, net | (80,248) | (45,694) |
Retained earnings | (1,307,537) | (408,162) |
Total stockholders' equity | 1,303,920 | 2,210,812 |
Total liabilities and stockholders' equity | $ 3,470,255 | $ 4,914,244 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 29,740 | $ 28,242 |
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 | 151,861,661 | 150,861,500 |
Common stock, shares outstanding | 151,861,661 | 150,861,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Consolidated Statements of Operations [Abstract] | |||
Services | $ 1,162,244 | $ 2,104,942 | $ 3,466,279 |
Rentals | 287,803 | 669,623 | 1,090,343 |
Total revenues | 1,450,047 | 2,774,565 | 4,556,622 |
Costs and expenses: | |||
Cost of Services (exclusive of depreciation, depletion, amortization and accretion) | 975,941 | 1,575,653 | 2,308,270 |
Cost of Rentals (exclusive of depreciation, depletion, amortization and accretion) | 147,333 | 290,159 | 426,563 |
Cost of goods and services | 1,123,274 | 1,865,812 | 2,734,833 |
Depreciation, depletion, amortization and accretion - services | 408,752 | 465,232 | 494,619 |
Depreciation, depletion, amortization and accretion - rentals | 101,219 | 146,915 | 156,195 |
General and administrative expenses | 346,606 | 510,708 | 624,371 |
Reduction in value of assets | 500,405 | 1,738,887 | |
Income (loss0 from operations | (1,030,209) | (1,952,989) | 546,604 |
Other income (expense): | |||
Interest expense, net | 92,753 | 97,318 | 96,734 |
Other income (expense) | 22,621 | (9,476) | (7,681) |
Income (loss) from continuing operations before income taxes | (1,100,341) | (2,059,783) | 442,189 |
Income taxes | (267,001) | (252,020) | 161,399 |
Net income (loss) from continuing operations | (833,340) | (1,807,763) | 280,790 |
Loss from discontinued operations, net of tax | (53,559) | (46,955) | (22,973) |
Net income (loss) | $ (886,899) | $ (1,854,718) | $ 257,817 |
Earnings (loss) per share information: | |||
Continuing operations, basic | $ (5.50) | $ (12.02) | $ 1.81 |
Discontinued operations, basic | (0.35) | (0.31) | (0.15) |
Basic earnings (loss) per share | (5.85) | (12.33) | 1.66 |
Continuing operations, diluted | (5.50) | (12.02) | 1.79 |
Discontinued operations, diluted | (0.35) | (0.31) | (0.14) |
Diluted earnings per share | (5.85) | (12.33) | 1.65 |
Cash dividends declared per share | $ 0.08 | $ 0.32 | $ 0.24 |
Weighted average common shares used in computing earnings (loss) per share: | |||
Basic | 151,558 | 150,461 | 155,154 |
Incremental common shares from stock based compensation | 1,572 | ||
Diluted | 151,558 | 150,461 | 156,726 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (886,899) | $ (1,854,718) | $ 257,817 |
Reclassification adjustment of unrealized net loss on available-for-sale securities, net | 1,153 | ||
Change in cumulative translation adjustment, net of tax | (34,554) | (9,414) | (19,933) |
Comprehensive income (loss) | $ (921,453) | $ (1,864,132) | $ 239,037 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2013 | $ 159 | $ 2,873,579 | $ (17,500) | $ 1,275,206 | $ 4,131,444 |
Beginning balance, shares at Dec. 31, 2013 | 158,976,784 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | 257,817 | 257,817 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Reclassification Adjustment of unrealized net loss on available-for-sale securities, net of tax | 1,153 | (1,153) | |||
Foreign currency translation adjustment | (19,933) | (19,933) | |||
Shares Withheld and Retired Value | (7,315) | (7,315) | |||
Shares withheld and retired | (267,340) | ||||
Shares Repurchased and Retired, Shares | 10,246,091 | ||||
Shares Repurchased and Retired, Value | $ (10) | (299,734) | (299,744) | ||
Restricted stock units vested | 95,914 | ||||
Vesting of restricted stock assumed with acquisition of Complete | 114,839 | ||||
Exercise of stock options, value | $ 1 | 10,560 | 10,561 | ||
Exercise of stock options, shares | 880,687 | ||||
Tax benefit (expense) from stock-based compensation | 6,160 | 6,160 | |||
Cash dividends declared | (37,483) | (37,483) | |||
Share-based Compensation, Shares, net of forfeitures | 152,447 | ||||
Stock-based compensation expense, net of forfeitures | 30,982 | 30,982 | |||
Shares issued under Employee Stock Purchase Plan, value | 6,096 | $ 6,096 | |||
Shares issued under Employee Stock Purchase Plan, shares | 246,480 | 246,480 | |||
Ending balance, value at Dec. 31, 2014 | $ 150 | 2,620,328 | (36,280) | 1,495,540 | $ 4,079,738 |
Ending balance, shares at Dec. 31, 2014 | 149,648,826 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | (1,854,718) | (1,854,718) | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Foreign currency translation adjustment | (9,414) | (9,414) | |||
Shares Withheld and Retired Value | (5,696) | (5,696) | |||
Shares withheld and retired | (323,537) | ||||
Restricted stock units vested | 460,400 | ||||
Restricted stock forfeited, shares | (48,374) | ||||
Vesting of restricted stock assumed with acquisition of Complete | 61,319 | ||||
Exercise of stock options, value | $ 1 | 8,819 | 8,820 | ||
Exercise of stock options, shares | 506,029 | ||||
Tax benefit (expense) from stock-based compensation | (2,174) | (2,174) | |||
Cash dividends declared | (48,984) | (48,984) | |||
Share-based Compensation, Shares, net of forfeitures | 332,534 | ||||
Stock-based compensation expense, net of forfeitures | 32,661 | (32,661) | |||
Shares issued to pay performance share unit, value | 5,011 | ||||
Shares issued to pay performance share unit, shares | 224,303 | ||||
Shares issued under Employee Stock Purchase Plan, value | 5,568 | $ 5,568 | |||
Shares issued under Employee Stock Purchase Plan, shares | 332,467 | ||||
Ending balance, value at Dec. 31, 2015 | $ 151 | 2,664,517 | (45,694) | (408,162) | $ 2,210,812 |
Ending balance, shares at Dec. 31, 2015 | 150,861,500 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | (886,899) | (886,899) | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Foreign currency translation adjustment | (34,554) | (34,554) | |||
Shares Withheld and Retired Value | (3,669) | (3,669) | |||
Shares withheld and retired | (364,122) | ||||
Restricted stock units vested | 1,034,068 | ||||
Restricted stock forfeited, shares | (1,495) | ||||
Exercise of stock options, value | 524 | $ 524 | |||
Exercise of stock options, shares | 40,723 | 40,723 | |||
Tax benefit (expense) from stock-based compensation | (5,112) | $ (5,112) | |||
Cash dividends declared | (12,476) | (12,476) | |||
Stock-based compensation expense, net of forfeitures | 30,122 | 30,122 | |||
Shares issued to pay performance share unit, value | 5,011 | ||||
Shares issued under Employee Stock Purchase Plan, value | 5,172 | $ 5,172 | |||
Shares issued under Employee Stock Purchase Plan, shares | 290,987 | 290,987 | |||
Ending balance, value at Dec. 31, 2016 | $ 152 | 2,691,553 | $ (80,248) | $ (1,307,537) | $ 1,303,920 |
Ending balance, shares at Dec. 31, 2016 | 151,861,661 | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Restricted Stock Units Vested, Value | $ 1 | $ (1) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per share | $ 0.08 | $ 0.32 | $ 0.24 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (886,899) | $ (1,854,718) | $ 257,817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 509,971 | 612,147 | 652,143 |
Deferred income taxes | (142,520) | (288,671) | (49,567) |
Reduction in value of assets including discontinued operations | 500,405 | 1,738,887 | |
Stock based and performance share unit compensation expense | 41,779 | 46,485 | 42,748 |
Other reconciling items, net | 62,056 | 41,882 | (11,470) |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
Accounts receivable | 128,086 | 501,269 | (9,487) |
Inventory and other current assets | (7,646) | 33,282 | 53,594 |
Accounts payable | 3,667 | (105,801) | 36,450 |
Accrued expenses | (73,902) | (116,573) | 16,411 |
Income taxes | (107,643) | (30,891) | 46,134 |
Other, net | 33,898 | 55,314 | (1,762) |
Net Cash Provided by (Used in) Operating Activities, Total | 61,252 | 632,612 | 1,033,011 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (80,548) | (358,226) | (616,102) |
Purchase of leased vessels | (46,442) | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 10,622 | ||
Acquisitions of businesses, net of cash acquired | (24,327) | ||
Cash proceeds from sale of businesses | 14,110 | 147,305 | |
Other | 6,309 | 2,290 | 7,767 |
Net Cash Provided by (Used in) Investing Activities, Total | (74,239) | (388,268) | (474,735) |
Cash flows from financing activities: | |||
Repayments of Long-term Lines of Credit | (325,123) | (7,475) | (14,736) |
Proceeds from Long-term Lines of Credit | 325,123 | 7,475 | 14,736 |
Payment to extinguish capital lease obligation | (20,933) | ||
Proceeds from issuance of long-term debt | 14,733 | 2,602 | |
Principal payments of long-term debt | (337,576) | (21,038) | (21,564) |
Share repurchases | (299,734) | ||
Cash dividends | (12,111) | (48,139) | (49,756) |
Payment of debt issuance costs | (2,711) | ||
Proceeds from exercise of stock options | 8,820 | 10,560 | |
Proceeds from issuance of stock through employee benefit plans | 3,681 | 4,803 | 4,870 |
Other | (3,082) | (2,302) | 724 |
Net Cash Provided by (Used in) Financing Activities, Total | (355,480) | (68,859) | (357,168) |
Effect of exchange rate changes on cash | (7,959) | (4,514) | (4,109) |
Net increase in cash and cash equivalents | (376,426) | 170,971 | 196,999 |
Cash and cash equivalents at beginning of period | 564,017 | 393,046 | 196,047 |
Cash and cash equivalents at end of period | $ 187,591 | $ 564,017 | $ 393,046 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2016 presentation. Business The Company provides a wide variety of services and products to the energy industry. The Company serves major, national and independent oil and natural gas companies around the world and offers products and services with respect to the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. Given the Company’s long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Major Customers and Concentration of Credit Risk The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. Anadarko accounted for approximately 11% of the Company’s revenues in 2016, primarily within the Onshore Completion and Workover Services segment. There were no customers that exceeded 10% of our total revenues in 2015 and 2014. The Company’s assets that are potentially exposed to concentrations of credit risk consist primarily of cash and trade receivables. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines , thereby minimizing it s exposure to credit risks for deposits in excess of federally insured amounts and for failure to perform as the counterparty on interest rate swap agreements. The Company periodically evaluates the creditworthiness of financial institutions that may serve as a counterparty to its derivative instruments . Cash Equivalents The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Accounts Receivable and Allowances Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. Inventory 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 the Company’s services provided to its customers. The components of inventory balances are as follows (in thousands): December 31, 2016 2015 Finished goods $ 49,888 $ 71,951 Raw materials 17,948 23,418 Work-in-process 5,214 18,203 Supplies and consumables 30,029 35,189 Total $ 103,079 $ 148,761 During 2016, the Company recorded an inventory write-down charge of $20.8 million, primarily for excess and/or obsolete inventory at its completion products and services division in the Technical Solutions segment. Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. With the exception of certain marine assets and oil and natural gas property, depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years The Company follows the successful efforts method of accounting for its investment in oil and natural gas property. Under the successful efforts method, the costs of successful exploratory wells and leases containing productive reserves are capitalized. Costs incurred to drill and equip developmental wells, including unsuccessful wells, are capitalized. Other costs such as geological and geophysical costs and the drilling costs of unsuccessful exploratory wells are expensed. Leasehold and well costs are depleted on a units-of-production basis based on the estimated remaining equivalent oil and gas reserves. Reduction in Value of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Impairment testing for these long-lived assets is based on the consolidated entity. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 3 for a discussion of the reduction in value of long-lived assets recorded during 2016 and 2015. Goodwill The following table summarizes the activity for the Company’s goodwill (in thousands): Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2014 $ 142,839 $ 1,419,550 $ 906,020 $ 2,468,409 Acquisition activities - - 1,170 1,170 Reduction in value of assets - (740,000) (586,701) (1,326,701) Foreign currency translation adjustment (1,557) - (1,220) (2,777) Other - 44,000 (44,000) - Balance, December 31, 2015 141,282 723,550 275,269 1,140,101 Reduction in value of assets - (140,000) (190,500) (330,500) Foreign currency translation adjustment (5,321) - (363) (5,684) Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 Goodwill is tested for impairment annually as of October 1 st or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. In order to estimate the fair value of the reporting units (which is consistent with the reported business segments), the Company used a weighting of the discounted cash flow method and the public company guideline method of determining fair value of each reporting unit. The Company weighted the discounted cash flow method 80 % and the public company guideline method 20 % due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. These fair value estimates were then compared to the carrying value of the reporting units. If the fair value of the reporting unit exceeds the carrying amount, no impairment loss is recognized. If the estimated fair value of the reporting unit is below the carrying value, then a second step must be performed to determine the goodwill impairment, if any. In this second step, the estimated fair value is used as the purchase price in a hypothetical acquisition of the reporting unit. The hypothetical purchase price is allocated to the reporting unit’s assets and liabilities, with the residual amount representing an implied fair value of the goodwill. The carrying amount of the goodwill is then compared to the implied fair value of the goodwill for each reporting unit and is written down to the implied fair value, if lower. The Company uses all available information to estimate fair value of the reporting units, including discounted cash flows. The Company engages third-party appraisal firms to assist in fair value determination of property, plant and equipment, intangible assets and any other significant assets or liabilities when appropriate. A significant amount of judgment was involved in performing these evaluations since the results are based on estimated future events. See note 3 for a discussion of the reduction in value of goodwill recorded during 2016 and 2015. At December 31, 2016 and 2015, the Company’s accumulated reduction in value of goodwill was $ 1,748.2 million and $1,417.7 million, respectively. Notes Receivable The Company’s wholly owned subsidiary, Wild Well, has decommissioning obligations related to its ownership of the Bullwinkle platform. Notes receivable consist of a commitment from the seller of the platform towards its eventual abandonment. 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 totaled $ 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 the platform’s removal. The Company recorded interest income related to notes receivable of $ 3.6 million, $ 1.7 million and $1.6 million during 2016 , 2015 and 2014 , respectively. Intangible and Other Long-Term Assets Intangible assets consist of the following (in thousands): December 31, 2016 2015 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 164,603 $ (52,747) $ 111,856 $ 257,364 $ (65,209) $ 192,155 Tradenames 10 years 30,519 (14,123) 16,396 36,119 (15,371) 20,748 Non-compete agreements 3 years 2,790 (2,718) 72 3,242 (2,940) 302 Total $ 197,912 $ (69,588) $ 128,324 $ 296,725 $ (83,520) $ 213,205 Amortization expense was $ 16.2 million, $23.0 million and $25.9 million during 2016 , 2015 and 2014 , respectively. Based on the carrying values of intangible assets at December 31, 2016, amortization expense for the next five years (2017 through 2021) is estimated to be $ 12.7 million per year. During 2016, the Company recorded $68.9 million of expense related to the reduction in carrying values of intangibles primarily in the Onshore Completion and Workover Services and Production Services segments (see note 3). Intangible and other long-term assets, net included $58.5 million and $58.4 million of escrowed cash at December 31, 2016 and 2015 , respectively, primarily related to the future decommissioning obligations of the Bullwinkle platform. Decommissioning Liabilities The Company’s decommissioning liabilities associated with the Bullwinkle platform 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 liability have changed materially. The following table summarizes the activity for the Company’s decommissioning liabilities (in thousands): December 31, 2016 2015 Decommissioning liabilities, December 31, 2015 and 2014, respectively $ 117,942 $ 88,000 Revisions in estimated timing and cash flows (2,132) 24,660 Accretion 6,959 5,016 Liability acquisitions and dispositions 908 266 Total decommissioning liabilities, December 31, 2016 and 2015, respectively $ 123,677 $ 117,942 Revenue Recognition Products and services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices. Revenue is recognized when services or equipment are provided and collectability is reasonably assured. The Company’s drilling products and services are billed on a day rate basis, and revenue from the sale of equipment is recognized when the title to the equipment has been transferred. Reimbursements from customers for the cost of drilling products and services that are damaged or lost down-hole are reflected as revenue at the time of the incident. The Company recognizes oil and gas revenue from its interests in producing wells as oil and natural gas is sold. Taxes collected from customers and remitted to governmental authorities are reported on a net basis in the Company’s financial statements. Income Taxes The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock 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 shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. During 2016 and 2015, the Company incurred losses from continuing operations; therefore the impact of any incremental shares would be anti-dilutive. Stock options for 1,100,000 shares of the Company’s common stock were excluded in the computation of diluted earnings per share for 2014, as the effect would have been anti-dilutive. 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; and Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Financial Instruments The fair value of the Company’s financial instruments of cash equivalents, accounts receivable, accounts payable, accrued expenses and borrowings under its credit facility approximates their carrying amounts due to their short maturity or market interest rates. The fair value of the Company’s debt was $ 1,307.6 million and $ 1,508.0 million at December 31, 2016 and 2015 , respectively, and was categorized as Level 1 in the fair value hierarchy. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. Foreign Currency Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During 2016, 2015 and 2014 , the Company recorded $23.5 million, $(9.6) million and $(7.3) million of foreign currency gains/(losses), respectively. Stock-Based Compensation The Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Excess tax benefits of awards that are recognized in equity related to stock option exercises and restricted stock vesting are reflected as financing cash flows. Derivative Instruments and Hedging Activities The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Interest rate swap agreements that are effective at hedging the fair value of fixed-rate debt agreements are designated and accounted for as fair value hedges. The Company also assesses, both at inception of the hedging relationship and on an ongoing basis, whether the derivatives used in hedging relationships are highly effective in offsetting changes in fair value. In an attempt to achieve a more balanced debt portfolio between fixed and variable interest, the Company has entered into interest rate swaps. Under these agreements, the Company was entitled to receive semi-annual interest payments at a fixed rate and was obligated to make quarterly interest payments at a variable rate. The Company had fixed-rate interest on 77% and 62% of its long-term debt at December 31, 2016 and 2015 , respectively. The Company had notional amounts of $300 million related to interest rate swaps with a variable interest rate, adjusted every 90 days, based on LIBOR plus a fixed margin at December 31, 2016 and 2015 . Subsequent to year-end, during January 2017, the Company sold these interest rate swaps to the counterparties for $0.8 million. Self-Insurance Reserves The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of reported and unreported claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. Recently Issued Accounting Guidance In January, 2017, the Financial Accounting Standards Board (FASB) issued accounting standards update (ASU) 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The amendments should be applied on a prospective basis. The new standard is effective for the Company on January 1, 2020, early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. In January, 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The new standard is effective for the Company beginning on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In November, 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Restricted Cash. The guidance in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard is effective for the Company beginning on January 1, 2018 and should be applied on a retrospective basis. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In October, 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The guidance in this update requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The new standard is effective for the Company beginning on January 1, 2018. The Company is evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. In March, 2016, the FASB issued 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 Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. 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. This new guidance will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. For leases with a term of 12 month or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and recognize the lease expense for such leases generally on a straight-line basis over the lease term. Under the new guidance, the Company will revise its leasing policies to require most of the leases, where the Company is the lessee, to be recognized on the balance sheet as a lease and lease liability. Further, the Company will separate leases from other contracts where the Company is either the lessor or lessee when the rights conveyed under the contracts indicate there is a lease. At this time, the Company cannot calculate the impact the new standard will have on the Company’s consolidated financial statements, the Company anticipates that its assets and liabilities will increase by a significant amount. The new standard is effective for the Company beginning on January 1, 2019. 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 Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. 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. The Company is in the process of determining the impacts of the new standard on its various revenue streams. The Company’s approach includes performing a detailed review of key contracts representative of the different businesses and comparing historical accounting policies and practices to the new accounting guidance. The Company’s services and rental contracts are primarily short-term in nature, and therefore, based on the initial assessment, the Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. The Company will adopt this standard utilizing the modified retrospective method. Subsequent Events In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (2) Supplemental Cash Flow Information The following table includes the Company’s supplemental cash flow information (in thousands): Years ended December 31, 2016 2015 2014 Cash paid for interest $ 93,353 $ 93,946 $ 102,880 Cash paid for income taxes, net of refunds $ (28,933) $ 40,074 $ 127,132 Details of business acquisitions: Fair value of assets $ - $ - $ 29,468 Fair value of liabilities - - (5,125) Cash paid - - 24,343 Less cash acquired - - (16) Net cash paid for acquisitions $ - $ - $ 24,327 Non-cash investing activity: Capital expenditures included in accounts payable and accrued expenses $ 4,905 $ 28,704 $ 49,118 |
Reduction in Value of Assets
Reduction in Value of Assets | 12 Months Ended |
Dec. 31, 2016 | |
Reduction In Value Of Assets [Abstract] | |
Reduction In Value Of Assets | (3) Reduction in Value of Assets and Other Charges During 2016 and 2015 , the Company recorded $500.4 million and $1,738.9 million in expense related to reduction in value of assets, respectively. The components of reduction in value of assets are as follows (in thousands): Years ended December 31, 2016 2015 Reduction in value of goodwill $ 330,500 $ 1,326,701 Reduction in value of long-lived assets 143,803 330,194 Retirements of long-lived assets 26,102 42,545 Reduction in value of assets related to sale of a business - 39,447 Total reduction in value of assets $ 500,405 $ 1,738,887 Reduction in Value of Goodwill During 2016 , the Company recorded $330.5 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the implied fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and recorded a $140.0 million impairment of the Onshore Completion and Workover Services segment’s goodwill. In addition, the Company determined that the implied fair value of its goodwill for the Production Services segment was less than its carrying value and recorded a $190.5 million impairment of the Production Services segment’s goodwill. The reduction in value of goodwill in the Onshore Completion and Workover Services and Production Services segments was primarily driven by further deterioration of market conditions during 2016 and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of the goodwill. During 2015 , the Company recorded $1,326.7 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the implied fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and recorded a $740.0 million impairment of the Onshore Completion and Workover Services segment’s goodwill. In addition, the Company determined that the implied fair value of its goodwill for the Production Services segment was less than its carrying value and recorded a $586.7 million impairment of the Production Services segment’s goodwill. The reduction in value of goodwill in the Onshore Completion and Workover Services and Production Services segments was primarily driven by deteriorated market conditions during the year and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of the goodwill. Reduction in Value of Long-Lived Assets During 2016, the Company recorded $ 143.8 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $4.9 million related to equipment and $45.9 million related to intangibles in the fluid management business in the Onshore Completion and Workover Services segment and $21.4 million related to equipment and $21.0 million related to intangibles, primarily relating to the cementing business in the Production Services segment. Also, the Company recorded $25.0 million related to the reduction in carrying values of certain accommodation units included in the Drilling Products and Services segment. In addition, the Company recorded $25.6 million related to the reduction in carrying values of the marine vessels and equipment in the conventional decommissioning division in its Technical Solutions segment. The reduction in value of assets recorded during 2016 was primarily driven by the decline in demand for these services. During 2015, the Company recorded $330.2 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $89.7 million related to equipment and $59.5 million related to intangibles in the coiled tubing business and pressure control tools businesses within the Production Services segment. The reduction in value of assets also included $68.9 million related to the reduction in carrying values of the marine vessels and equipment and $56.0 million related to impairment of the Gulf of Mexico oil and gas property which is included in the Technical Solutions segment. In addition, the reduction in value of assets included a $40.2 million charge, primarily related to reduction in carrying values of certain domestic and international accommodation units and premium drill pipe included in the Drilling Products and Services segment and a $15.9 million charge related to mechanical drilling rigs included in the Onshore Completion and Workover Services segment. The reduction in value of assets recorded during 2015 was primarily driven by the decline in demand for these services. Retirements of Long-Lived Assets During 2016, the Company recorded $26.1 million, primarily in the Drilling Products and Services segment for retirement and abandonment of excess and inoperable and/or functionally obsolete long-lived assets that would require a significant cost to refurbish. During 2015, the Company recorded $42.5 million for retirement and abandonment of inoperable and/or functionally obsolete long-lived assets that would require a significant cost to refurbish. The total amount recorded includes $27.3 million for the Onshore Completion and Workover Services segment and $15.2 million for the Production Services segment. Reduction in Value of Assets Related to Sale of Coiled Tubing Business in Mexico During 2015, the Company sold its Mexico based coiled tubing business and related assets. The Company received proceeds in the form of cash and a note receivable. The Company recorded a full valuation allowance on the note receivable in the amount of $16.8 million because its collectability was not reasonably assured. In connection with the sale, the Company recorded a $39.4 million reduction in value of assets, primarily related to property, plant and equipment and intangible assets. Other Charges During 2016, the Company recorded $39.2 million primarily relating to severance and facility closures. At December 31, 2016, the accrued lease termination liability balances were $4.9 million and $7.8 million, included in accrued expenses and other long-term liabilities, respectively, on the consolidated balance sheet. During 2015, in connection with the reorganization of several of its businesses, the Company recorded $46.8 million relating to severance expense and reorganization costs. Included in the total reorganization costs is $20.2 million relating to the impairment of certain real estate operating leases included in the Onshore Completion and Workover Services segment. At December 31, 2015, the accrued lease termination liability balances were $7.2 million and $11.1 million, included in accrued expenses and other long-term liabilities, respectively, on the consolidated balance sheet. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | (4) Property, Plant and Equipment A summary of property, plant and equipment is as follows (in thousands): December 31, 2016 2015 Machinery and equipment $ 3,513,907 $ 3,771,046 Buildings, improvements and leasehold improvements 307,658 318,906 Automobiles, trucks, tractors and trailers 37,103 45,013 Furniture and fixtures 66,045 67,483 Construction-in-progress 11,048 74,683 Land 59,774 58,731 Oil and gas producing assets 64,169 66,285 Total 4,059,704 4,402,147 Accumulated depreciation and depletion (2,454,339) (2,278,856) Property, plant and equipment, net $ 1,605,365 $ 2,123,291 The Company had $ 82.5 million and $84.9 million of leasehold improvements at December 31, 2016 and 2015, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Depreciation expense (excluding depletion, amortization and accretion) was $ 486.9 million, $584.1 million and $ 620.6 million during 2016, 2015 and 2014 , respectively. During 2016, the Company recorded $101.0 million related to reduction in value of property, plant and equipment (see note 3). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | (5) Debt The Company’s outstanding debt is as follows (in thousands): December 31, 2016 2015 Long-term Current Long-term Current 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 - - 3,089 9,957 Total debt, gross 1,300,000 - 1,608,089 29,957 Unamortized debt issuance costs (15,400) - (19,826) - Total debt, net $ 1,284,600 $ - $ 1,588,263 $ 29,957 Debt maturities presented as of December 31, 2016 are as follows (in thousands): 2017 $ - 2018 - 2019 500,000 2020 - 2021 800,000 Thereafter - Total $ 1,300,000 Credit Facility At December 31, 2015, the Company had a credit facility that was comprised of a $600.0 million revolving line of credit and a $325.0 million term loan. In February 2016, the Company amended its credit facility. The amendment, among other things, reduced the size of the facility to $470.3 million, extended the maturity date to 2019 and eliminated the term loan component. In July 2016, the Company amended the credit facility. The amendment, among other things, reduced the size of the facility to $400.0 million, suspended the maximum leverage ratio covenant until the fourth quarter of 2017 and replaced it with a senior secured debt to earnings before interest, taxes, depreciation and amortization ratio covenant during this period and modifies the restricted payment covenant to eliminate our ability to pay dividends and make equity repurchases until September 2017. During 2016, the Company made payments totaling $325.0 million on the revolving credit facility and currently has no outstanding debt balance under the facility. Subsequent to year-end, in February 2017, the Company amended its credit facility. The amendment, among other things, reduced the size of the credit facility from $400.0 million to $300.0 million (with a $100.0 million accordion feature) and amended the financial covenants, in part to suspend the interest coverage ratio until the third quarter of 2017. 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 st and November 1 st 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 th and December 15 th of each year through the maturity date of December 15, 2021. |
Stock-Based Compensation And Re
Stock-Based Compensation And Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based and Long-Term Compensation | (6) Stock-Based and Long-Term Compensation During 2016, the 2016 Incentive Award Plan was approved and it replaced the previous plan. The Compensation Committee determines the recipients of the equity awards, the type of awards made, the required performance measures, and the timing and duration of each grant. At December 31, 2016, 8,700,000 shares of the Company’s common stock were available for future grants under the plan. Total stock-based compensation expense and the associated tax benefits are as follows (in thousands): Compensation Expense Years ended December 31, 2016 2015 2014 Stock options $ 4,870 $ 3,663 $ 3,900 Restricted stock 382 9,219 15,800 Restricted stock units 24,762 19,699 11,282 Performance and strategic performance share units 10,167 12,991 13,092 Total $ 40,181 $ 45,572 $ 44,074 Tax Benefit Years ended December 31, 2016 2015 2014 Stock options $ 1,802 $ 1,355 $ 1,443 Restricted stock 141 3,411 5,846 Restricted stock units 9,162 7,289 4,174 Total $ 11,105 $ 12,055 $ 11,463 Total stock-based compensation expense is reflected in general and administrative expenses in the consolidated statements of operations. Stock Options Stock options are granted with an exercise price equal to the market price of our ordinary shares at the date of grant. The stock options generally vest in equal installments over three years and expire in ten years from the grant date. Non-vested stock options are generally forfeited upon termination of employment. The Company recognizes compensation expense for stock option grants based on the fair value at the date of grant using the Black-Scholes-Merton option pricing model. The Company uses historical data, among other factors, to estimate the expected volatility and the expected life of the stock options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock option. The dividend yield is based on our historical and projected dividend payouts. The weighted average fair values of stock options granted and the assumptions used in estimating those fair values are as follows: Years ended December 31, 2016 2015 2014 Weighted average fair value of stock options granted $ 3.61 $ 6.25 $ 6.95 Black-Scholes-Merton Assumptions: Risk free interest rate 1.46 % 1.33 % 1.42 % Expected life (years) 5 5 4 Volatility 55.72 % 47.07 % 34.50 % Dividend yield 3.28 1.30 1.23 The following table summarizes stock option activity for 2016: Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2015 4,591,141 $ 23.60 5.3 $ 256 Granted 2,121,417 $ 9.76 Exercised (40,723) $ 12.86 Forfeited (289,820) $ 9.76 Expired (371,181) $ 27.21 Outstanding as of December 31, 2016 6,010,834 $ 19.23 6.0 14,145 Exercisable as of December 31, 2016 3,671,241 $ 23.86 4.2 $ 1,104 Options expected to vest as of December 31, 2016 2,339,593 $ 11.97 8.8 $ 13,041 The total intrinsic value of stock options exercised during 2016, 2015 and 2014 was $0.3 million, $ 2.3 million and $ 17.1 million, respectively. The Company received $ 0.5 million, $8.8 million and $10.6 million during 2016, 2015 and 2014, respectively, from employee stock option exercises. The Company has reported tax benefits of $ 0.1 million, $0.9 million and $5.6 million from the exercise of stock options for 2016, 2015 and 2014, respectively. The following table summarizes non-vested stock option activity for 2016: Number of Options Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 1,102,879 $ 20.81 Granted 2,121,417 $ 9.76 Vested (594,883) $ 21.54 Forfeited (289,820) $ 9.76 Non-vested as of December 31, 2016 2,339,593 $ 11.97 At December 31, 2016 , the unrecognized compensation expense related to non-vested stock options was $ 5.7 million. The Company expects to recognize $ 3.3 million and $2.4 million of compensation expense associated with these options during 2017 and 2018, respectively. Restricted Stock Since 2014, no restricted stock has been granted. The following table summarizes restricted stock activity for 2016: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 292,937 $ 23.13 Vested (291,779) $ 23.13 Forfeited (1,158) $ 23.03 Non-vested as of December 31, 2016 - $ - The total fair value of restricted stock vested during 2016, 2015 and 2014 was $6.8 million, $12.1 million and $23.0 million, respectively. Restricted Stock Units Beginning in 2014, restricted stock unit awards (RSUs) were granted to eligible employees instead of restricted stock. Prior to 2014, only non-employee directors were granted RSUs. RSUs granted to employees vest in equal annual installments over three years. On the vesting date, each RSU is converted to one share of the Company’s common stock having an aggregate value determined by the Company’s closing stock price on the vesting date. Holders of RSUs are not entitled to any rights of a stockholder, such as the right to vote shares. Each non-employee director is issued annually a number of RSUs having an aggregate dollar value determined by the Company’s Board of Directors. The exact number of RSUs granted is determined by dividing the aggregate dollar value determined by the Company’s Board of Directors by the fair market value of the Company’s common stock on the day of the annual stockholders’ meeting. If the director’s election occurs at a time other than at the annual meeting, the director will receive a pro-rata number of RSUs based on the number of months between his or her election date and the anniversary of the last annual stockholder meeting. Each RSU granted prior to 2013 represents the right to receive from the Company, within 30 days of the date the director ceases to serve on the Board, one share of the Company’s common stock. The RSUs granted will vest and pay out in shares of the Company’s common stock in the year following the grant date on the date of Company’s annual meeting. The following table summarizes RSU activity for 2016: Number of RSUs Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 2,787,889 $ 20.41 Granted 2,549,112 $ 9.98 Vested (1,127,930) $ 20.62 Forfeited (522,779) $ 13.56 Non-vested as of December 31, 2016 3,686,292 $ 14.10 At December 31, 2016 , there was $24.2 million of unrecognized compensation expense related to unvested RSUs. The Company expects to recognize $16.6 million, $7.3 million, and $0. 3 million associated with unvested RSUs for 2017, 2018, and 2019, respectively. Performance Share Units The Company has issued performance share units (PSUs) to its employees as part of the Company’s long-term incentive program. There is a three -year performance period associated with each PSU grant. The two performance measures applicable to all participants are the Company’s return on invested capital and total stockholder return relative to those of the Company’s pre-defined “peer group.” If the participant has met specified continued service requirements, the PSUs will settle in cash or a combination of cash and up to 50 % of equivalent value in the Company’s common stock, at the discretion of the Compensation Committee of the Board of Directors. At December 31, 2016 , there were 368,394 PSUs outstanding ( 121,168 , 129,852 and 117,374 related to performance periods ending December 31, 2016, 2017 and 2018, respectively). The Company has recorded both current and long-term liabilities for this liability-based compensation award. In February 2014, the Company granted strategic performance share units (SPSUs) to the executive officers of the Company. The number of target SPSUs was established at the beginning of a two-calendar year performance period. The final value of SPSUs earned was based upon the level of the Company’s free cash flow achieved for 2015 and 2014. All SPSU awards were paid out during 2016. Employee Stock Purchase Plan (ESPP) Eligible employees are allowed to purchase shares of the Company’s common stock at a discount during six-month offering periods beginning on January 1 and July 1 of each year and ending on June 30 and December 31 of each year, respectively. The following table summarizes ESPP activity (in thousands except shares): Years ended December 31, 2016 2015 2014 Cash received for shares issued $ 3,681 $ 4,803 $ 4,870 Compensation expense $ 1,492 $ 835 $ 1,078 Shares issued 290,987 332,467 246,480 401(k)/Profit Sharing Plan The Company maintains a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75 % of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. The Company provides a nondiscretionary match of 100 % of an employee’s contributions to the plan, up to 4 % of the employee’s salary. The Company made contributions of $ 8.7 million, $ 13.9 million and $ 16.7 million 2016, 2015 and 2014 , respectively. Non-Qualified Deferred Compensation Plans The Company has a non-qualified deferred compensation plan which allows senior management to defer up to 75 % of their base salary, up to 100 % of their bonus, up to 100 % of the cash portion of their PSU compensation and up to 100% of the vested RSUs to the plan. The Company also has a non-qualified deferred compensation plan for its non-employee directors which allows each director to defer up to 100 % of their cash compensation paid by the Company and up to 100% of the vested RSUs to the plan. Payments are made to participants based on their annual enrollment elections and plan balances. Participants earn a return on their deferred compensation that is based on hypothetical investments in certain mutual funds. Changes in market value of these hypothetical participant investments are reflected as an adjustment to the deferred compensation liability of the Company with an offset to compensation expense. The Company makes contributions that approximate the participant deferrals into various investments, principally life insurance that is invested in mutual funds similar to the participants’ hypothetical investment elections. Changes in market value of the investments and life insurance are reflected as adjustments to the deferred compensation plan asset with an offset to other income (expense) in the consolidated statements of operations. The following table summarizes deferred compensation balances (in thousands): December 31, Balance sheet location 2016 2015 Deferred compensation assets Intangible and other long-term assets, net $ 12,360 $ 11,548 Deferred compensation liabilities, short-term Accounts payable $ 1,115 $ 721 Deferred compensation liabilities, long-term Other long-term liabilities $ 18,489 $ 17,367 Supplemental Executive Retirement Plan The Company has a supplemental executive retirement plan (SERP). The SERP provides retirement benefits to the Company’s executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Under the SERP, the Company will generally make annual contributions to a retirement account based on age and years of service. The participants in the plan receive contributions ranging from 5 % to 35 % of salary and annual cash bonus, which totaled $2.2 million, $ 1.2 million and $1.2 million during 2016 , 2015 and 2014 , respectively. The Company recorded compensation expense of $1.4 million, $2.1 million and $ 1 .6 million in general and administrative expenses during 2016, 2015 and 2014, respectively. The Company may also make discretionary contributions to a participant’s account. During 2016, 2015 and 2014, the Company paid $ 1.4 million, $3.7 million and $ 3.0 million, respectively, to eligible participants in the SERP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | (7) Income Taxes The components of income (loss) from continuing operations before income taxes are as follows (in thousands): Years ended December 31, 2016 2015 2014 Domestic $ (1,097,109) $ (2,069,019) $ 372,672 Foreign (3,232) 9,236 69,517 $ (1,100,341) $ (2,059,783) $ 442,189 The components of income tax expense (benefit) are as follows (in thousands): Years ended December 31, 2016 2015 2014 Current: Federal $ (101,578) $ (952) $ 150,997 State (159) 2,818 11,339 Foreign 19,156 19,227 36,287 (82,581) 21,093 198,623 Deferred: Federal (179,721) (249,193) (33,172) State (9,348) (10,034) 648 Foreign 4,649 (13,886) (4,700) (184,420) (273,113) (37,224) $ (267,001) $ (252,020) $ 161,399 Income tax expense (benefit) differs from the amounts computed by applying the U.S. Federal income tax rate of 35 % to income (loss) before income taxes as follows (in thousands): Years ended December 31, 2016 2015 2014 Computed expected tax expense (benefit) $ (385,119) $ (720,923) $ 154,766 Increase (decrease) resulting from State and foreign income taxes (8,038) (6,353) 8,467 Reduction in value of assets 115,725 464,395 - Other 10,431 10,861 (1,834) Income tax expense (benefit) $ (267,001) $ (252,020) $ 161,399 The tax effects of temporary differences that give rise to significant components of deferred income tax assets and liabilities are as follows (in thousands): December 31, 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 9,172 $ 8,275 Operating loss and tax credit carryforwards 85,383 92,798 Compensation and employee benefits 59,351 59,310 Decommissioning liabilities 40,994 30,400 Other 51,069 57,768 245,969 248,551 Valuation allowance (6,722) (5,395) Net deferred tax assets 239,247 243,156 Deferred tax liabilities: Property, plant and equipment 352,683 469,728 Notes receivable 14,796 14,796 Goodwill and other intangible assets 98,868 119,661 Other 16,511 22,040 Deferred tax liabilities 482,858 626,225 Net deferred tax liability $ 243,611 $ 383,069 The net deferred tax assets reflect management’s estimate of the amount that will be realized from future profitability and the reversal of taxable temporary differences that can be predicted with reasonable certainty. A valuation allowance has been recognized on a portion of the state net operating loss carryforward deferred tax asset. After considering all available evidence at December 31, 2016, the Company determined that it was more likely than not that a portion of the carryforward would not be realized. Accordingly, the Company increased deferred income tax expense by an additional $1.3 million of the valuation allowance. At December 31, 2016 , the Company had $ 320.8 million in U.S. net operating loss carryforwards, which are available to reduce future or prior taxable income. The expiration dates for utilization of the loss carryforwards are 2021 through 203 6. At December 31, 2016 , the Company also had various state net operating loss carryforwards with expiration dates from 2017 to 2031. A net deferred tax asset of $ 26.5 million reflects the expected future tax benefit for the state loss carryforwards. At December 31, 2016, the Company also had a U.S. foreign tax credit carryforward of $49.1 million with expiration dates from 2021 to 2026. The Company has not provided U.S. income tax expense on earnings of its foreign subsidiaries, since the Company has reinvested or expects to reinvest outside the U.S. the undistributed earnings indefinitely. At December 31, 2016 , the Company’s foreign subsidiaries had an accumulated deficit in earnings. The Company does not intend to repatriate the earnings of its foreign subsidiaries. The Company has not provided U.S. income taxes for such earnings, except to the extent that such earnings were previously subject to U.S. income taxes. These earnings could become subject to U.S. income tax if remitted, or if deemed remitted as a dividend. It is not practicable to estimate the amount of taxes that might be payable on such undistributed earnings. The Company files income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. The Company remains subject to U.S. federal tax examinations for years after 2012. The Company had unrecognized tax benefits of $29. 9 million, $ 29. 7 million and $ 30. 3 million as of December 31, 2016 , 2015 and 2014 , respectively, all of which would impact the Company’s effective tax rate if recognized. The activity in unrecognized tax benefits is as follows (in thousands): Years ended December 31, 2016 2015 2014 Unrecognized tax benefits, December 31, 2015, 2014 and 2013, respectively $ 29,715 $ 30,344 $ 29,899 Additions based on tax positions related to prior years 6,874 6,752 7,860 Reductions based on tax positions related to prior years (3,582) - (5,438) Reductions as a result of a lapse of the applicable statute of limitations (3,051) - (1,977) Reductions relating to settlements with taxing authorities - (7,381) - Unrecognized tax benefits, December 31, 2016, 2015 and 2014, respectively $ 29,956 $ 29,715 $ 30,344 The Company recorded $2.5 million, $1.0 million and $0.6 million of interest and penalty for 2016, 2015 and 2014, respectively, classified as a component of income tax expense in the consolidated statements of operations. The amounts in the table above include cumulative accrued interest and penalties of $7.4 million, $4.6 million and $5.0 million at December 31, 2016, 2015 and 2014, respectively, which are included in other non-current liabilities on the consolidated balance sheets. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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, reduction in value of assets and allocated corporate general and administrative expenses. Corporate 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): 2016 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 293,543 $ 523,965 $ 348,363 $ 284,176 $ - $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 136,719 515,784 276,223 194,548 - 1,123,274 Depreciation, depletion, amortization and accretion 161,378 209,455 95,416 43,722 - 509,971 General and administrative expenses 89,574 91,508 76,817 88,707 - 346,606 Reduction in value of assets 48,903 190,835 235,067 25,600 - 500,405 Loss from operations (143,031) (483,617) (335,160) (68,401) - (1,030,209) Interest expense, net - - (1,343) 3,553 (94,963) (92,753) Other expense - - - - 22,621 22,621 Loss from continuing operations before income taxes $ (143,031) $ (483,617) $ (336,503) $ (64,848) $ (72,342) $ (1,100,341) 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 547,530 $ 934,274 $ 795,215 $ 497,546 $ - $ 2,774,565 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 178,629 773,119 612,578 301,486 - 1,865,812 Depreciation, depletion, amortization and accretion 187,336 225,667 136,992 62,152 - 612,147 General and administrative expenses 120,637 121,289 146,192 122,590 - 510,708 Reduction in value of assets 40,237 783,229 790,517 124,904 - 1,738,887 Income (loss) from operations 20,691 (969,030) (891,064) (113,586) - (1,952,989) Interest expense, net - - (2,013) 1,707 (97,012) (97,318) Other expense - - - - (9,476) (9,476) Income (loss) from continuing operations before income taxes $ 20,691 $ (969,030) $ (893,077) $ (111,879) $ (106,488) $ (2,059,783) 2014 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 852,499 $ 1,732,833 $ 1,402,815 $ 568,475 $ - $ 4,556,622 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 255,613 1,205,443 967,440 306,337 - 2,734,833 Depreciation, depletion, amortization and accretion 179,934 233,430 171,380 66,070 - 650,814 General and administrative expenses 141,762 159,687 195,731 127,191 - 624,371 Income from operations 275,190 134,273 68,264 68,877 - 546,604 Interest expense, net - - - 1,577 (98,311) (96,734) Other expense - - - - (7,681) (7,681) Income (loss) from continuing operations before income taxes $ 275,190 $ 134,273 $ 68,264 $ 70,454 $ (105,992) $ 442,189 Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2016 $ 849,046 $ 1,573,801 $ 598,909 $ 448,499 $ 3,470,255 December 31, 2015 $ 1,154,425 $ 1,929,185 $ 1,036,485 $ 794,149 $ 4,914,244 December 31, 2014 $ 1,212,900 $ 2,993,824 $ 2,170,534 $ 940,524 $ 7,317,782 Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2016 $ 35,504 $ 20,185 $ 20,939 $ 3,920 $ 80,548 December 31, 2015 $ 124,015 $ 103,001 $ 77,537 $ 53,673 $ 358,226 December 31, 2014 $ 261,451 $ 152,742 $ 102,171 $ 99,738 $ 616,102 Geographic Segments The Company attributes revenue to various countries based on the location 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 is as follows (in thousands): Revenues Years ended December 31, 2016 2015 2014 United States $ 1,080,513 $ 2,185,071 $ 3,848,929 Other Countries 369,534 589,494 707,693 Total $ 1,450,047 $ 2,774,565 $ 4,556,622 Long-Lived Assets December 31, 2016 2015 United States $ 1,288,077 $ 1,799,418 Other Countries 317,288 323,873 Total, net $ 1,605,365 $ 2,123,291 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (9) Commitments and Contingencies The Company leases many of its office, service and assembly facilities under operating leases. In addition, the Company also leases certain assets used in providing services under operating leases. The leases expire at various dates over an extended period of time. Total rent expense was $ 24.1 million, $ 29.6 million and $ 26.2 million during 2016, 2015 and 2014, respectively. Future minimum lease payments under non-cancelable leases for the five years ending December 31, 2017 through 2021 and thereafter are as follows: $ 42.7 million, $ 27.5 million, $ 16.8 million, $ 12.2 million and $ 29.8 million, respectively. 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. However, based on current circumstances, the Company does not believe that the ultimate resolution of these proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on its financial position, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (10) Fair Value Measurements 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 December 31, 2016 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 12,360 $ 368 $ 11,992 - Interest rate swaps $ 8,579 - $ 8,579 - Accounts payable Non-qualified deferred compensation liabilities $ 1,115 - $ 1,115 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 18,489 - $ 18,489 - 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 (see note 6). 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 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. At December 31, 2016, the Company had three interest rate swap agreements related to its fixed rate debt maturing in 2021 for notional amounts of $100 million each (see note 11 ). The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill (in thousands): Years ended December 31, 2016 2015 Impairment Fair Value Impairment Fair Value Goodwill $ 330,500 $ 668,864 $ 1,326,701 $ 998,288 Intangible assets $ 68,865 $ - $ 68,890 $ 6,345 Property, plant and equipment, net $ 74,938 $ 294,457 $ 177,442 $ 179,612 Fair value is measured as of the impairment date using Level 3 inputs. See note 3 for discussion of reduction in value of assets recorded during 2016 and 2015. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | (11) Derivative Financial Instruments From time to time, the Company may enter into interest rate swaps in an attempt to achieve a more balanced debt portfolio between fixed and variable debt. The Company does not use derivative financial instruments for trading or speculative purposes. At December 31, 2016, the Company had three interest rate swaps for notional amounts of $100 million each related to its 7 1/8% senior notes maturing in December 2021. These transactions were designated as fair value hedges since the swaps hedged against the change in fair value of fixed rate debt resulting from changes in interest rates. The Company recorded a derivative asset of $8.6 million and $6.9 million within intangible and other long term assets in the consolidated balance sheets at December 31, 2016 and 2015 , respectively, relating to these swaps . The location and effect of the derivative instrument on the consolidated statements of operations presented on a pre-tax basis is as follows (in thousands): Years ended December 31, Effect of derivative instrument Location of (gain) loss recognized 2016 2015 2014 Interest rate swap Interest expense, net $ 2,306 $ (1,932) $ (11,054) Hedged item - debt Interest expense, net (3,980) (790) 7,208 $ (1,674) $ (2,722) $ (3,846) During 2016, 2015 and 2014 $ 1.7 million, $ 2.7 million and $ 3.8 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. Subsequent to year-end, during January 2017, the Company sold these interest rate swaps to the counterparties for $0.8 million. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [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. Accordingly, property, plant and equipment related to the conventional decommissioning business was reclassified back to continuing operations. At December 31, 2016, the assets of the subsea construction business were being actively marketed and the Company’s management was committed to selling the remaining assets, which were classified as held for sale and were included in the Technical Solutions segment. The following table summarizes the components of loss from discontinued operations, net of tax (in thousands) included in the consolidated statements of operations: Years ended December 31, 2016 2015 2014 Revenues $ - $ 18,723 $ 145,463 Loss from discontinued operations, net of tax expense/(benefit) of $ 1,908 , ( $5,626 ) and ( $19,330 ), respectively $ (53,559) $ (46,955) $ (22,973) For 2015 and 2014, loss from discontinued operations included $7.5 million and $21.7 million , respectively, of loss related to the conventional decommissioning business. During 2016, loss from discontinued operations included $33.0 million for the reduction in value of marine vessels in the subsea construction business. During 2015, loss from discontinued operations included $25.8 million and $8.8 million for the reduction in value of marine vessels in the subsea construction and conventional decommissioning businesses, respectively. During 2014, loss from discontinued operations included an $ 18.8 million gain related to the sale of marine vessels and equipment in the subsea construction business. The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands): December 31, 2016 2015 Current assets $ 158 $ 2,600 Property, plant and equipment, net 27,000 92,634 Total assets $ 27,158 $ 95,234 Current liabilities $ 8,653 $ 4,661 At December 31, 2015, assets held for sale also included $26.6 million of property, plant and equipment related to the conventional decommissioning business. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions 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 of $5.4 million, $7.2 million and $19.7 million during 2016, 2015 and 2014, respectively. The Company had trade receivables from Linn of $0.5 million and $ 2.0 million at December 31, 2016 and 2015 , respectively. During 2014, the Company purchased services, products and equipment, as well as leased certain facilities, from companies affiliated with a former officer, who retired during the first quarter of 2015, of one of its subsidiaries. During 2014 these transactions totaled $221.1 million, of which, $ 92.1 million was purchased from ORTEQ Energy Services, a heavy equipment construction company which also manufactures pressure pumping equipment, $ 0.7 million was purchased from Ortowski Construction, primarily related to the manufacture of pressure pumping units, $ 21.6 million was paid to Resource Transport, LLC, related to the transportation of sand used in pressure pumping activities, $ 79.3 million was purchased from Texas Specialty Sands, LLC primarily for the purchase of sand used for pressure pumping activities, $ 25.5 million was purchased from ProFuel, LLC, primarily related to the purchase of diesel used to operate equipment and trucks and $ 1.9 million was related to facilities leased from Timber Creek Real Estate Partners. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | (14) Interim Financial Information (Unaudited) The following is a summary of consolidated interim financial information (in thousands): 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 413,133 $ 356,271 $ 326,225 $ 354,418 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 285,339 258,635 258,168 321,132 Depreciation, depletion, amortization and accretion 136,672 132,037 123,308 117,954 Reduction in value of assets 2,198 460,283 1,963 35,961 Loss from continuing operations (84,536) (468,632) (113,913) (166,259) Loss from discontinued operations, net of tax (2,267) (2,225) (4,085) (44,982) Net loss $ (86,803) $ (470,857) $ (117,998) $ (211,241) Loss per share from continuing operations: Basic and diluted $ (0.56) $ (3.09) $ (0.75) $ (1.10) Loss per share from discontinued operations: Basic and diluted $ (0.01) $ (0.02) $ (0.03) $ (0.30) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 917,235 $ 710,784 $ 601,396 $ 545,150 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 582,246 465,533 420,485 397,548 Depreciation, depletion, amortization and accretion 162,220 158,352 146,757 144,818 Reduction in value of assets - 807,637 755,632 175,618 Loss from continuing operations (1,497) (775,132) (816,587) (214,547) Loss from discontinued operations, net of tax (9,640) (9,857) (4,610) (22,848) Net loss $ (11,137) $ (784,989) $ (821,197) $ (237,395) Loss per share from continuing operations: Basic and diluted $ (0.02) $ (5.15) $ (5.42) $ (1.43) Loss per share from discontinued operations: Basic and diluted $ (0.06) $ (0.07) $ (0.03) $ (0.15) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Schedule II Valuation and Qualifying Accounts Years Ended December 31, 2016 , 2015 and 2014 (in thousands) Balance at the Charged to beginning of costs and Discontinued Balance at the Description the year expenses Deductions operations end of the year 2016: Allowance for doubtful accounts $ 28,242 $ 7,825 $ 6,327 $ - $ 29,740 2015: Allowance for doubtful accounts $ 22,076 $ 14,341 $ 4,795 $ 3,380 $ 28,242 2014: Allowance for doubtful accounts $ 31,030 $ 6,299 $ 10,639 $ 4,614 $ 22,076 |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2016 presentation. |
Business | Business The Company provides a wide variety of services and products to the energy industry. The Company serves major, national and independent oil and natural gas companies around the world and offers products and services with respect to the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. Given the Company’s long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. Anadarko accounted for approximately 11% of the Company’s revenues in 2016, primarily within the Onshore Completion and Workover Services segment. There were no customers that exceeded 10% of our total revenues in 2015 and 2014. The Company’s assets that are potentially exposed to concentrations of credit risk consist primarily of cash and trade receivables. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines , thereby minimizing it s exposure to credit risks for deposits in excess of federally insured amounts and for failure to perform as the counterparty on interest rate swap agreements. The Company periodically evaluates the creditworthiness of financial institutions that may serve as a counterparty to its derivative instruments . |
Cash Equivalents | Cash Equivalents The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. |
Inventory | Inventory 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 the Company’s services provided to its customers. The components of inventory balances are as follows (in thousands): December 31, 2016 2015 Finished goods $ 49,888 $ 71,951 Raw materials 17,948 23,418 Work-in-process 5,214 18,203 Supplies and consumables 30,029 35,189 Total $ 103,079 $ 148,761 During 2016, the Company recorded an inventory write-down charge of $20.8 million, primarily for excess and/or obsolete inventory at its completion products and services division in the Technical Solutions segment. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. With the exception of certain marine assets and oil and natural gas property, depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years The Company follows the successful efforts method of accounting for its investment in oil and natural gas property. Under the successful efforts method, the costs of successful exploratory wells and leases containing productive reserves are capitalized. Costs incurred to drill and equip developmental wells, including unsuccessful wells, are capitalized. Other costs such as geological and geophysical costs and the drilling costs of unsuccessful exploratory wells are expensed. Leasehold and well costs are depleted on a units-of-production basis based on the estimated remaining equivalent oil and gas reserves. |
Reduction in Value of Long-Lived Assets Text Block | Reduction in Value of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Impairment testing for these long-lived assets is based on the consolidated entity. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 3 for a discussion of the reduction in value of long-lived assets recorded during 2016 and 2015. |
Goodwill | Goodwill The following table summarizes the activity for the Company’s goodwill (in thousands): Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2014 $ 142,839 $ 1,419,550 $ 906,020 $ 2,468,409 Acquisition activities - - 1,170 1,170 Reduction in value of assets - (740,000) (586,701) (1,326,701) Foreign currency translation adjustment (1,557) - (1,220) (2,777) Other - 44,000 (44,000) - Balance, December 31, 2015 141,282 723,550 275,269 1,140,101 Reduction in value of assets - (140,000) (190,500) (330,500) Foreign currency translation adjustment (5,321) - (363) (5,684) Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 Goodwill is tested for impairment annually as of October 1 st or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. In order to estimate the fair value of the reporting units (which is consistent with the reported business segments), the Company used a weighting of the discounted cash flow method and the public company guideline method of determining fair value of each reporting unit. The Company weighted the discounted cash flow method 80 % and the public company guideline method 20 % due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. These fair value estimates were then compared to the carrying value of the reporting units. If the fair value of the reporting unit exceeds the carrying amount, no impairment loss is recognized. If the estimated fair value of the reporting unit is below the carrying value, then a second step must be performed to determine the goodwill impairment, if any. In this second step, the estimated fair value is used as the purchase price in a hypothetical acquisition of the reporting unit. The hypothetical purchase price is allocated to the reporting unit’s assets and liabilities, with the residual amount representing an implied fair value of the goodwill. The carrying amount of the goodwill is then compared to the implied fair value of the goodwill for each reporting unit and is written down to the implied fair value, if lower. The Company uses all available information to estimate fair value of the reporting units, including discounted cash flows. The Company engages third-party appraisal firms to assist in fair value determination of property, plant and equipment, intangible assets and any other significant assets or liabilities when appropriate. A significant amount of judgment was involved in performing these evaluations since the results are based on estimated future events. See note 3 for a discussion of the reduction in value of goodwill recorded during 2016 and 2015. At December 31, 2016 and 2015, the Company’s accumulated reduction in value of goodwill was $ 1,748.2 million and $1,417.7 million, respectively. |
Notes Receivable | Notes Receivable The Company’s wholly owned subsidiary, Wild Well, has decommissioning obligations related to its ownership of the Bullwinkle platform. Notes receivable consist of a commitment from the seller of the platform towards its eventual abandonment. 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 totaled $ 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 the platform’s removal. The Company recorded interest income related to notes receivable of $ 3.6 million, $ 1.7 million and $1.6 million during 2016 , 2015 and 2014 , respectively. |
Intangible and Other Long-Term Assets | Intangible and Other Long-Term Assets Intangible assets consist of the following (in thousands): December 31, 2016 2015 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 164,603 $ (52,747) $ 111,856 $ 257,364 $ (65,209) $ 192,155 Tradenames 10 years 30,519 (14,123) 16,396 36,119 (15,371) 20,748 Non-compete agreements 3 years 2,790 (2,718) 72 3,242 (2,940) 302 Total $ 197,912 $ (69,588) $ 128,324 $ 296,725 $ (83,520) $ 213,205 Amortization expense was $ 16.2 million, $23.0 million and $25.9 million during 2016 , 2015 and 2014 , respectively. Based on the carrying values of intangible assets at December 31, 2016, amortization expense for the next five years (2017 through 2021) is estimated to be $ 12.7 million per year. During 2016, the Company recorded $68.9 million of expense related to the reduction in carrying values of intangibles primarily in the Onshore Completion and Workover Services and Production Services segments (see note 3). Intangible and other long-term assets, net included $58.5 million and $58.4 million of escrowed cash at December 31, 2016 and 2015 , respectively, primarily related to the future decommissioning obligations of the Bullwinkle platform. |
Decommissioning Liabilities | Decommissioning Liabilities The Company’s decommissioning liabilities associated with the Bullwinkle platform 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 liability have changed materially. The following table summarizes the activity for the Company’s decommissioning liabilities (in thousands): December 31, 2016 2015 Decommissioning liabilities, December 31, 2015 and 2014, respectively $ 117,942 $ 88,000 Revisions in estimated timing and cash flows (2,132) 24,660 Accretion 6,959 5,016 Liability acquisitions and dispositions 908 266 Total decommissioning liabilities, December 31, 2016 and 2015, respectively $ 123,677 $ 117,942 |
Revenue Recognition | Revenue Recognition Products and services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices. Revenue is recognized when services or equipment are provided and collectability is reasonably assured. The Company’s drilling products and services are billed on a day rate basis, and revenue from the sale of equipment is recognized when the title to the equipment has been transferred. Reimbursements from customers for the cost of drilling products and services that are damaged or lost down-hole are reflected as revenue at the time of the incident. The Company recognizes oil and gas revenue from its interests in producing wells as oil and natural gas is sold. Taxes collected from customers and remitted to governmental authorities are reported on a net basis in the Company’s financial statements. |
Income Taxes | Income Taxes The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. |
Earnings (Loss) per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock 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 shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. During 2016 and 2015, the Company incurred losses from continuing operations; therefore the impact of any incremental shares would be anti-dilutive. Stock options for 1,100,000 shares of the Company’s common stock were excluded in the computation of diluted earnings per share for 2014, as the effect would have been anti-dilutive. |
Fair Value Measurements | 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; and Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. |
Financial Instruments | Financial Instruments The fair value of the Company’s financial instruments of cash equivalents, accounts receivable, accounts payable, accrued expenses and borrowings under its credit facility approximates their carrying amounts due to their short maturity or market interest rates. The fair value of the Company’s debt was $ 1,307.6 million and $ 1,508.0 million at December 31, 2016 and 2015 , respectively, and was categorized as Level 1 in the fair value hierarchy. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During 2016, 2015 and 2014 , the Company recorded $23.5 million, $(9.6) million and $(7.3) million of foreign currency gains/(losses), respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Excess tax benefits of awards that are recognized in equity related to stock option exercises and restricted stock vesting are reflected as financing cash flows. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Interest rate swap agreements that are effective at hedging the fair value of fixed-rate debt agreements are designated and accounted for as fair value hedges. The Company also assesses, both at inception of the hedging relationship and on an ongoing basis, whether the derivatives used in hedging relationships are highly effective in offsetting changes in fair value. In an attempt to achieve a more balanced debt portfolio between fixed and variable interest, the Company has entered into interest rate swaps. Under these agreements, the Company was entitled to receive semi-annual interest payments at a fixed rate and was obligated to make quarterly interest payments at a variable rate. The Company had fixed-rate interest on 77% and 62% of its long-term debt at December 31, 2016 and 2015 , respectively. The Company had notional amounts of $300 million related to interest rate swaps with a variable interest rate, adjusted every 90 days, based on LIBOR plus a fixed margin at December 31, 2016 and 2015 . Subsequent to year-end, during January 2017, the Company sold these interest rate swaps to the counterparties for $0.8 million. |
Self Insurance Reserves | Self-Insurance Reserves The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of reported and unreported claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Guidance In January, 2017, the Financial Accounting Standards Board (FASB) issued accounting standards update (ASU) 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments eliminate Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The amendments should be applied on a prospective basis. The new standard is effective for the Company on January 1, 2020, early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. In January, 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. The new standard is effective for the Company beginning on January 1, 2018. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In November, 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Restricted Cash. The guidance in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard is effective for the Company beginning on January 1, 2018 and should be applied on a retrospective basis. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In October, 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The guidance in this update requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The new standard is effective for the Company beginning on January 1, 2018. The Company is evaluating the effect that ASU 2016-16 will have on its consolidated financial statements and related disclosures. In March, 2016, the FASB issued 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 Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. 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. This new guidance will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. For leases with a term of 12 month or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and recognize the lease expense for such leases generally on a straight-line basis over the lease term. Under the new guidance, the Company will revise its leasing policies to require most of the leases, where the Company is the lessee, to be recognized on the balance sheet as a lease and lease liability. Further, the Company will separate leases from other contracts where the Company is either the lessor or lessee when the rights conveyed under the contracts indicate there is a lease. At this time, the Company cannot calculate the impact the new standard will have on the Company’s consolidated financial statements, the Company anticipates that its assets and liabilities will increase by a significant amount. The new standard is effective for the Company beginning on January 1, 2019. 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 Company will adopt the accounting guidance as of January 1, 2017. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. 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. The Company is in the process of determining the impacts of the new standard on its various revenue streams. The Company’s approach includes performing a detailed review of key contracts representative of the different businesses and comparing historical accounting policies and practices to the new accounting guidance. The Company’s services and rental contracts are primarily short-term in nature, and therefore, based on the initial assessment, the Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. Remaining implementation matters include establishing new policies, procedures, and controls and quantifying any adoption date adjustments. The Company will adopt this standard utilizing the modified retrospective method. |
Subsequent Events | Subsequent Events In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2015 Finished goods $ 49,888 $ 71,951 Raw materials 17,948 23,418 Work-in-process 5,214 18,203 Supplies and consumables 30,029 35,189 Total $ 103,079 $ 148,761 |
Estimated Useful Lives Of The Related Assets | Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years |
Summary Of Activity Of Goodwill | Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2014 $ 142,839 $ 1,419,550 $ 906,020 $ 2,468,409 Acquisition activities - - 1,170 1,170 Reduction in value of assets - (740,000) (586,701) (1,326,701) Foreign currency translation adjustment (1,557) - (1,220) (2,777) Other - 44,000 (44,000) - Balance, December 31, 2015 141,282 723,550 275,269 1,140,101 Reduction in value of assets - (140,000) (190,500) (330,500) Foreign currency translation adjustment (5,321) - (363) (5,684) Balance, December 31, 2016 $ 135,961 $ 583,550 $ 84,406 $ 803,917 |
Composition Of Intangible And Other Long-term Assets | December 31, 2016 2015 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 164,603 $ (52,747) $ 111,856 $ 257,364 $ (65,209) $ 192,155 Tradenames 10 years 30,519 (14,123) 16,396 36,119 (15,371) 20,748 Non-compete agreements 3 years 2,790 (2,718) 72 3,242 (2,940) 302 Total $ 197,912 $ (69,588) $ 128,324 $ 296,725 $ (83,520) $ 213,205 |
Summary Of The Activity For Company's Decommissioning Liabilities | December 31, 2016 2015 Decommissioning liabilities, December 31, 2015 and 2014, respectively $ 117,942 $ 88,000 Revisions in estimated timing and cash flows (2,132) 24,660 Accretion 6,959 5,016 Liability acquisitions and dispositions 908 266 Total decommissioning liabilities, December 31, 2016 and 2015, respectively $ 123,677 $ 117,942 |
Supplemental Cash Flow Inform26
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years ended December 31, 2016 2015 2014 Cash paid for interest $ 93,353 $ 93,946 $ 102,880 Cash paid for income taxes, net of refunds $ (28,933) $ 40,074 $ 127,132 Details of business acquisitions: Fair value of assets $ - $ - $ 29,468 Fair value of liabilities - - (5,125) Cash paid - - 24,343 Less cash acquired - - (16) Net cash paid for acquisitions $ - $ - $ 24,327 Non-cash investing activity: Capital expenditures included in accounts payable and accrued expenses $ 4,905 $ 28,704 $ 49,118 |
Reduction in Value of Assets (T
Reduction in Value of Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Reduction In Value Of Assets [Abstract] | |
Reduction In Value Of Assets | Years ended December 31, 2016 2015 Reduction in value of goodwill $ 330,500 $ 1,326,701 Reduction in value of long-lived assets 143,803 330,194 Retirements of long-lived assets 26,102 42,545 Reduction in value of assets related to sale of a business - 39,447 Total reduction in value of assets $ 500,405 $ 1,738,887 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant And Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | December 31, 2016 2015 Machinery and equipment $ 3,513,907 $ 3,771,046 Buildings, improvements and leasehold improvements 307,658 318,906 Automobiles, trucks, tractors and trailers 37,103 45,013 Furniture and fixtures 66,045 67,483 Construction-in-progress 11,048 74,683 Land 59,774 58,731 Oil and gas producing assets 64,169 66,285 Total 4,059,704 4,402,147 Accumulated depreciation and depletion (2,454,339) (2,278,856) Property, plant and equipment, net $ 1,605,365 $ 2,123,291 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Summary Of Long-Term Debt | December 31, 2016 2015 Long-term Current Long-term Current 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 - - 3,089 9,957 Total debt, gross 1,300,000 - 1,608,089 29,957 Unamortized debt issuance costs (15,400) - (19,826) - Total debt, net $ 1,284,600 $ - $ 1,588,263 $ 29,957 |
Schedule Of Maturities Of Long-Term Debt | 2017 $ - 2018 - 2019 500,000 2020 - 2021 800,000 Thereafter - Total $ 1,300,000 |
Stock-Based And Long-Term Compe
Stock-Based And Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based And Long-Term Compensation [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Compensation Expense Years ended December 31, 2016 2015 2014 Stock options $ 4,870 $ 3,663 $ 3,900 Restricted stock 382 9,219 15,800 Restricted stock units 24,762 19,699 11,282 Performance and strategic performance share units 10,167 12,991 13,092 Total $ 40,181 $ 45,572 $ 44,074 Tax Benefit Years ended December 31, 2016 2015 2014 Stock options $ 1,802 $ 1,355 $ 1,443 Restricted stock 141 3,411 5,846 Restricted stock units 9,162 7,289 4,174 Total $ 11,105 $ 12,055 $ 11,463 |
Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants | Years ended December 31, 2016 2015 2014 Weighted average fair value of stock options granted $ 3.61 $ 6.25 $ 6.95 Black-Scholes-Merton Assumptions: Risk free interest rate 1.46 % 1.33 % 1.42 % Expected life (years) 5 5 4 Volatility 55.72 % 47.07 % 34.50 % Dividend yield 3.28 1.30 1.23 |
Summary Of Stock Option Activity | Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2015 4,591,141 $ 23.60 5.3 $ 256 Granted 2,121,417 $ 9.76 Exercised (40,723) $ 12.86 Forfeited (289,820) $ 9.76 Expired (371,181) $ 27.21 Outstanding as of December 31, 2016 6,010,834 $ 19.23 6.0 14,145 Exercisable as of December 31, 2016 3,671,241 $ 23.86 4.2 $ 1,104 Options expected to vest as of December 31, 2016 2,339,593 $ 11.97 8.8 $ 13,041 |
Summary Of Non-Vested Stock Option Activity | Number of Options Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 1,102,879 $ 20.81 Granted 2,121,417 $ 9.76 Vested (594,883) $ 21.54 Forfeited (289,820) $ 9.76 Non-vested as of December 31, 2016 2,339,593 $ 11.97 |
Summary Of The Status Of Restricted Stock | Number of Shares Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 292,937 $ 23.13 Vested (291,779) $ 23.13 Forfeited (1,158) $ 23.03 Non-vested as of December 31, 2016 - $ - |
Summary Of Restricted Stock Unit Activity | Number of RSUs Weighted Average Grant Date Fair Value Non-vested as of December 31, 2015 2,787,889 $ 20.41 Granted 2,549,112 $ 9.98 Vested (1,127,930) $ 20.62 Forfeited (522,779) $ 13.56 Non-vested as of December 31, 2016 3,686,292 $ 14.10 |
Summary Of Employee Stock Purchase Plan Activity Table Text Block | Years ended December 31, 2016 2015 2014 Cash received for shares issued $ 3,681 $ 4,803 $ 4,870 Compensation expense $ 1,492 $ 835 $ 1,078 Shares issued 290,987 332,467 246,480 |
Summary of Deferred Compensation Balances Table Text Block | December 31, Balance sheet location 2016 2015 Deferred compensation assets Intangible and other long-term assets, net $ 12,360 $ 11,548 Deferred compensation liabilities, short-term Accounts payable $ 1,115 $ 721 Deferred compensation liabilities, long-term Other long-term liabilities $ 18,489 $ 17,367 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes | Years ended December 31, 2016 2015 2014 Domestic $ (1,097,109) $ (2,069,019) $ 372,672 Foreign (3,232) 9,236 69,517 $ (1,100,341) $ (2,059,783) $ 442,189 |
Schedule Of Components Of Income Tax Expense (Benefit) | Years ended December 31, 2016 2015 2014 Current: Federal $ (101,578) $ (952) $ 150,997 State (159) 2,818 11,339 Foreign 19,156 19,227 36,287 (82,581) 21,093 198,623 Deferred: Federal (179,721) (249,193) (33,172) State (9,348) (10,034) 648 Foreign 4,649 (13,886) (4,700) (184,420) (273,113) (37,224) $ (267,001) $ (252,020) $ 161,399 |
Schedule Of Effective Income Tax Rate Reconciliation | Years ended December 31, 2016 2015 2014 Computed expected tax expense (benefit) $ (385,119) $ (720,923) $ 154,766 Increase (decrease) resulting from State and foreign income taxes (8,038) (6,353) 8,467 Reduction in value of assets 115,725 464,395 - Other 10,431 10,861 (1,834) Income tax expense (benefit) $ (267,001) $ (252,020) $ 161,399 |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 9,172 $ 8,275 Operating loss and tax credit carryforwards 85,383 92,798 Compensation and employee benefits 59,351 59,310 Decommissioning liabilities 40,994 30,400 Other 51,069 57,768 245,969 248,551 Valuation allowance (6,722) (5,395) Net deferred tax assets 239,247 243,156 Deferred tax liabilities: Property, plant and equipment 352,683 469,728 Notes receivable 14,796 14,796 Goodwill and other intangible assets 98,868 119,661 Other 16,511 22,040 Deferred tax liabilities 482,858 626,225 Net deferred tax liability $ 243,611 $ 383,069 |
Summary Of Activity In Unrecognized Tax Benefits | Years ended December 31, 2016 2015 2014 Unrecognized tax benefits, December 31, 2015, 2014 and 2013, respectively $ 29,715 $ 30,344 $ 29,899 Additions based on tax positions related to prior years 6,874 6,752 7,860 Reductions based on tax positions related to prior years (3,582) - (5,438) Reductions as a result of a lapse of the applicable statute of limitations (3,051) - (1,977) Reductions relating to settlements with taxing authorities - (7,381) - Unrecognized tax benefits, December 31, 2016, 2015 and 2014, respectively $ 29,956 $ 29,715 $ 30,344 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Schedule Of Segment Reporting Information | 2016 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 293,543 $ 523,965 $ 348,363 $ 284,176 $ - $ 1,450,047 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 136,719 515,784 276,223 194,548 - 1,123,274 Depreciation, depletion, amortization and accretion 161,378 209,455 95,416 43,722 - 509,971 General and administrative expenses 89,574 91,508 76,817 88,707 - 346,606 Reduction in value of assets 48,903 190,835 235,067 25,600 - 500,405 Loss from operations (143,031) (483,617) (335,160) (68,401) - (1,030,209) Interest expense, net - - (1,343) 3,553 (94,963) (92,753) Other expense - - - - 22,621 22,621 Loss from continuing operations before income taxes $ (143,031) $ (483,617) $ (336,503) $ (64,848) $ (72,342) $ (1,100,341) 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 547,530 $ 934,274 $ 795,215 $ 497,546 $ - $ 2,774,565 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 178,629 773,119 612,578 301,486 - 1,865,812 Depreciation, depletion, amortization and accretion 187,336 225,667 136,992 62,152 - 612,147 General and administrative expenses 120,637 121,289 146,192 122,590 - 510,708 Reduction in value of assets 40,237 783,229 790,517 124,904 - 1,738,887 Income (loss) from operations 20,691 (969,030) (891,064) (113,586) - (1,952,989) Interest expense, net - - (2,013) 1,707 (97,012) (97,318) Other expense - - - - (9,476) (9,476) Income (loss) from continuing operations before income taxes $ 20,691 $ (969,030) $ (893,077) $ (111,879) $ (106,488) $ (2,059,783) 2014 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 852,499 $ 1,732,833 $ 1,402,815 $ 568,475 $ - $ 4,556,622 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 255,613 1,205,443 967,440 306,337 - 2,734,833 Depreciation, depletion, amortization and accretion 179,934 233,430 171,380 66,070 - 650,814 General and administrative expenses 141,762 159,687 195,731 127,191 - 624,371 Income from operations 275,190 134,273 68,264 68,877 - 546,604 Interest expense, net - - - 1,577 (98,311) (96,734) Other expense - - - - (7,681) (7,681) Income (loss) from continuing operations before income taxes $ 275,190 $ 134,273 $ 68,264 $ 70,454 $ (105,992) $ 442,189 |
Schedule Of Identifiable Assets | Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2016 $ 849,046 $ 1,573,801 $ 598,909 $ 448,499 $ 3,470,255 December 31, 2015 $ 1,154,425 $ 1,929,185 $ 1,036,485 $ 794,149 $ 4,914,244 December 31, 2014 $ 1,212,900 $ 2,993,824 $ 2,170,534 $ 940,524 $ 7,317,782 |
Schedule of Capital Expenditures Table Text Block | Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2016 $ 35,504 $ 20,185 $ 20,939 $ 3,920 $ 80,548 December 31, 2015 $ 124,015 $ 103,001 $ 77,537 $ 53,673 $ 358,226 December 31, 2014 $ 261,451 $ 152,742 $ 102,171 $ 99,738 $ 616,102 |
Schedule Of Revenues By Geographic Segment | Revenues Years ended December 31, 2016 2015 2014 United States $ 1,080,513 $ 2,185,071 $ 3,848,929 Other Countries 369,534 589,494 707,693 Total $ 1,450,047 $ 2,774,565 $ 4,556,622 Long-Lived Assets December 31, 2016 2015 United States $ 1,288,077 $ 1,799,418 Other Countries 317,288 323,873 Total, net $ 1,605,365 $ 2,123,291 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 12,360 $ 368 $ 11,992 - Interest rate swaps $ 8,579 - $ 8,579 - Accounts payable Non-qualified deferred compensation liabilities $ 1,115 - $ 1,115 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 18,489 - $ 18,489 - 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 - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Years ended December 31, 2016 2015 Impairment Fair Value Impairment Fair Value Goodwill $ 330,500 $ 668,864 $ 1,326,701 $ 998,288 Intangible assets $ 68,865 $ - $ 68,890 $ 6,345 Property, plant and equipment, net $ 74,938 $ 294,457 $ 177,442 $ 179,612 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Location And Effect Of The Derivative Instrument On The Statements Of Operations | Years ended December 31, Effect of derivative instrument Location of (gain) loss recognized 2016 2015 2014 Interest rate swap Interest expense, net $ 2,306 $ (1,932) $ (11,054) Hedged item - debt Interest expense, net (3,980) (790) 7,208 $ (1,674) $ (2,722) $ (3,846) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations [Abstract] | |
Components Of Income (Loss) From Discontinued Operations | Years ended December 31, 2016 2015 2014 Revenues $ - $ 18,723 $ 145,463 Loss from discontinued operations, net of tax expense/(benefit) of $ 1,908 , ( $5,626 ) and ( $19,330 ), respectively $ (53,559) $ (46,955) $ (22,973) |
Assets And Liabilities Of Disposal Groups | December 31, 2016 2015 Current assets $ 158 $ 2,600 Property, plant and equipment, net 27,000 92,634 Total assets $ 27,158 $ 95,234 Current liabilities $ 8,653 $ 4,661 |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interim Financial Information [Abstract] | |
Schedule Of Interim Financial Information | 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 413,133 $ 356,271 $ 326,225 $ 354,418 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 285,339 258,635 258,168 321,132 Depreciation, depletion, amortization and accretion 136,672 132,037 123,308 117,954 Reduction in value of assets 2,198 460,283 1,963 35,961 Loss from continuing operations (84,536) (468,632) (113,913) (166,259) Loss from discontinued operations, net of tax (2,267) (2,225) (4,085) (44,982) Net loss $ (86,803) $ (470,857) $ (117,998) $ (211,241) Loss per share from continuing operations: Basic and diluted $ (0.56) $ (3.09) $ (0.75) $ (1.10) Loss per share from discontinued operations: Basic and diluted $ (0.01) $ (0.02) $ (0.03) $ (0.30) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 917,235 $ 710,784 $ 601,396 $ 545,150 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 582,246 465,533 420,485 397,548 Depreciation, depletion, amortization and accretion 162,220 158,352 146,757 144,818 Reduction in value of assets - 807,637 755,632 175,618 Loss from continuing operations (1,497) (775,132) (816,587) (214,547) Loss from discontinued operations, net of tax (9,640) (9,857) (4,610) (22,848) Net loss $ (11,137) $ (784,989) $ (821,197) $ (237,395) Loss per share from continuing operations: Basic and diluted $ (0.02) $ (5.15) $ (5.42) $ (1.43) Loss per share from discontinued operations: Basic and diluted $ (0.06) $ (0.07) $ (0.03) $ (0.15) |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Cash Equivalents) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Maximum maturity of short-term investments purchased to be cash equivalents | 90 days |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Inventory) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Abstract] | ||
Finished goods | $ 49,888 | $ 71,951 |
Raw materials | 17,948 | 23,418 |
Work-in-progress | 5,214 | 18,203 |
Supplies and consumables | 30,029 | 35,189 |
Inventory | $ 103,079 | $ 148,761 |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Inventory Writedown) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |
Inventory Write-down | $ 20.8 |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 40 years |
Marine Vessels And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Marine Vessels And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Percentage of the discounted cash flow method for estimation of fair value of reporting units | 80.00% | |
Percentage of the public company guideline method for estimation of fair value of reporting units | 20.00% | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,748,200 | $ 1,417,700 |
Reduction in value of goodwill | $ 330,500 | $ 1,326,701 |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Notes Receivable) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 3.6 | $ 1.7 | $ 1.6 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Intangible And Other Long-Term Assets) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Escrow Deposit Required by Seller of Oil and Gas Properties | $ 58,500 | $ 58,400 | $ 58,500 | $ 58,400 | ||||||
Reduction in value of assets | 35,961 | $ 1,963 | $ 460,283 | $ 2,198 | $ 175,618 | $ 755,632 | $ 807,637 | 500,405 | 1,738,887 | |
Amortization expense exclusive of debt acquisition costs | 16,200 | $ 23,000 | $ 25,900 | |||||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2017 | 12,700 | 12,700 | ||||||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2018 | 12,700 | 12,700 | ||||||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2019 | 12,700 | 12,700 | ||||||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2020 | 12,700 | 12,700 | ||||||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2021 | $ 12,700 | $ 12,700 | ||||||||
Customer Relationships [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||||||||
Trade Names [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||||
Noncompete Agreements [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Composition Of Intangible And Other Long-term Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | $ 197,912 | $ 296,725 |
Finite-Lived Intangible Assets, Accumulated Amortization | (69,588) | (83,520) |
Finite-Lived Intangible Assets, Net, Total | 128,324 | 213,205 |
Customer Relationships [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 164,603 | 257,364 |
Finite-Lived Intangible Assets, Accumulated Amortization | (52,747) | (65,209) |
Finite-Lived Intangible Assets, Net, Total | 111,856 | 192,155 |
Trade Names [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 30,519 | 36,119 |
Finite-Lived Intangible Assets, Accumulated Amortization | (14,123) | (15,371) |
Finite-Lived Intangible Assets, Net, Total | 16,396 | 20,748 |
Noncompete Agreements [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Acquired Finite-lived Intangible Asset, Amount | 2,790 | 3,242 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,718) | (2,940) |
Finite-Lived Intangible Assets, Net, Total | $ 72 | $ 302 |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Decommissioning Liabilities) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Asset Retirement Obligation, Liabilities Incurred | $ 908 | $ 266 |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Summary Of Activity Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 1,140,101 | $ 2,468,409 |
Acquisition activities | 1,170 | |
Reduction in value of assets | (330,500) | (1,326,701) |
Foreign currency translation adjustments | (5,684) | (2,777) |
Ending Balance | 803,917 | 1,140,101 |
Drilling Products And Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 141,282 | 142,839 |
Foreign currency translation adjustments | (5,321) | (1,557) |
Ending Balance | 135,961 | 141,282 |
Onshore Completion Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 723,550 | 1,419,550 |
Reduction in value of assets | (140,000) | (740,000) |
Goodwill, Other Changes | 44,000 | |
Ending Balance | 583,550 | 723,550 |
Production Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 275,269 | 906,020 |
Acquisition activities | 1,170 | |
Reduction in value of assets | (190,500) | (586,701) |
Foreign currency translation adjustments | (363) | (1,220) |
Goodwill, Other Changes | (44,000) | |
Ending Balance | $ 84,406 | $ 275,269 |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Earnings (Loss) Per Share) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014shares | |
Summary Of Significant Accounting Policies [Abstract] | |
Antidilutive securities excluded from computation of earnings per share, share | 1,100,000 |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Financial Instruments) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Abstract] | ||
Fair value of debt | $ 1,307.6 | $ 1,508 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Foreign Currency) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Foreign currency gains | $ 23.5 | $ (9.6) | $ (7.3) |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Derivative Instruments And Hedging Activities) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Dec. 31, 2015 | |
Subsequent Event [Line Items] | |||
Proceeds from sale of Interest rate swap | $ 0.8 | ||
Percentage of fixed rate debt | 77.00% | 62.00% | |
Total notional amount of interest rate swaps | $ 300 | ||
Variable interest rate, Adjustment | 90 days | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from sale of Interest rate swap | $ 0.8 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Abstract] | ||
Accumulated other comprehensive loss, net | $ (80,248) | $ (45,694) |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Cash Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Cash dividends declared per share | $ 0.08 | $ 0.32 | $ 0.24 |
Summary Of Significant Accoun53
Summary Of Significant Accounting Policies (Summary Of The Activity For Company's Decommissioning Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | ||||
Decommissioning liabilities, December 31, 2015 and 2014, respectively | $ 117,942 | $ 88,000 | ||
Liability acquisitions and dispositions | 908 | 266 | ||
Accretion | 6,959 | 5,016 | ||
Revisions in estimated timing and cash flows | (2,132) | 24,660 | ||
Asset Retirement Obligation | $ 117,942 | $ 88,000 | $ 123,677 | $ 117,942 |
Less: current portion of decommissioning liabilities as of December 31, 2016 and 2015, respectively | 22,164 | 19,052 | ||
Long-term decommissioning liabilities, December 31, 2016 and 2015, respectively | $ 101,513 | $ 98,890 |
Supplemental Cash Flow Inform54
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | $ 93,353 | $ 93,946 | $ 102,880 |
Cash paid for income taxes, net of refunds | (28,933) | 40,074 | 127,132 |
Details of business acquisitions: | |||
Fair Value of Assets Acquired | 29,468 | ||
Fair value of liabilities | (5,125) | ||
Cash paid | 24,343 | ||
Less cash acquired | (16) | ||
Net cash paid for acquisitions | 24,327 | ||
Non-cash investing activity: | |||
Capital Expenditures Incurred but Not yet Paid | $ 4,905 | $ 28,704 | $ 49,118 |
Reduction in Value of Assets (N
Reduction in Value of Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Impairment Charges [Line Items] | |||||||||
Retirments of Long-Lived Assets | $ 26,102 | $ 42,545 | |||||||
Reduction in Value of Long-Lived Assets | 143,803 | 330,194 | |||||||
Reduction in value of goodwill | 330,500 | 1,326,701 | |||||||
Reduction in value of assets | $ 35,961 | $ 1,963 | $ 460,283 | $ 2,198 | $ 175,618 | $ 755,632 | $ 807,637 | 500,405 | 1,738,887 |
Impairment of Intangible Assets, Finite-lived | 68,900 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 101,000 | ||||||||
Allowance for Notes Receivables | 16,800 | 16,800 | |||||||
Restructuring Charges | 39,200 | 46,800 | |||||||
Restructuring Reserve, Current | 4,900 | 7,200 | 4,900 | 7,200 | |||||
Restructuring Reserve, Noncurrent | $ 7,800 | $ 11,100 | 7,800 | 11,100 | |||||
Drilling Products And Services [Member] | |||||||||
Asset Impairment Charges [Line Items] | |||||||||
Retirments of Long-Lived Assets | 26,100 | ||||||||
Reduction in value of assets | 48,903 | 40,237 | |||||||
Impairment of Property, Plant and Equipment | 25,000 | 40,200 | |||||||
Technical Solutions [Member] | |||||||||
Asset Impairment Charges [Line Items] | |||||||||
Reduction in value of assets | 25,600 | 124,904 | |||||||
Impairment of Property, Plant and Equipment | 25,600 | 56,000 | |||||||
Impairment of Long-Lived Assets Held-for-use | 68,900 | ||||||||
Production Services [Member] | |||||||||
Asset Impairment Charges [Line Items] | |||||||||
Retirments of Long-Lived Assets | 15,200 | ||||||||
Reduction in value of goodwill | 190,500 | 586,701 | |||||||
Reduction in value of assets | 235,067 | 790,517 | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 21,000 | 59,500 | |||||||
Impairment of Property, Plant and Equipment | 21,400 | 89,700 | |||||||
Onshore Completion Services [Member] | |||||||||
Asset Impairment Charges [Line Items] | |||||||||
Retirments of Long-Lived Assets | 27,300 | ||||||||
Reduction in value of goodwill | 140,000 | 740,000 | |||||||
Reduction in value of assets | 190,835 | 783,229 | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 45,900 | ||||||||
Impairment of Property, Plant and Equipment | $ 4,900 | 15,900 | |||||||
Impairment of operating leases | $ 20,200 |
Reduction in Value of Assets (C
Reduction in Value of Assets (Components of the Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reduction In Value Of Assets [Abstract] | |||||||||
Reduction in value of goodwill | $ 330,500 | $ 1,326,701 | |||||||
Reduction in Value of Long-Lived Assets | 143,803 | 330,194 | |||||||
Retirments of Long-Lived Assets | 26,102 | 42,545 | |||||||
Reduction in value of assets related to sale of a business | 39,447 | ||||||||
Asset Impairment Charges, Total | $ 35,961 | $ 1,963 | $ 460,283 | $ 2,198 | $ 175,618 | $ 755,632 | $ 807,637 | $ 500,405 | $ 1,738,887 |
Property, Plant and Equipment a
Property, Plant and Equipment alt (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant And Equipment [Abstract] | |||
Impairment of long lived assets | $ 101 | ||
Leasehold Improvements, Gross | 82.5 | $ 84.9 | |
Depreciation | $ 486.9 | $ 584.1 | $ 620.6 |
Property, Plant and Equipment58
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 4,059,704 | $ 4,402,147 |
Accumulated depreciation and depletion | (2,454,339) | (2,278,856) |
Property, plant and equipment, net | 1,605,365 | 2,123,291 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 307,658 | 318,906 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 3,513,907 | 3,771,046 |
Automobiles, trucks, tractors and trailers [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 37,103 | 45,013 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 66,045 | 67,483 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 11,048 | 74,683 |
Land [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 59,774 | 58,731 |
Oil and Gas Properties [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 64,169 | $ 66,285 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2017 | Jul. 31, 2016 | Feb. 29, 2016 | |
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Lines of Credit | $ (325,123) | $ (7,475) | $ (14,736) | |||
Revolving Credit Facility, Interest Payable Monthly At Floating Rate, Due December 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 600,000 | |||||
Aggregate principal amount of term loan | $ 325,000 | |||||
Revolving credit facility interest payable monthly at floating rate due December 2019 [Member} | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility Accordian Feature | $ 100,000 | |||||
Term Loan A, Amount Outstanding | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | $ 400,000 | $ 470,300 | |||
Unsecured Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 500,000 | |||||
Stated interest rate on unsecured senior notes | 6.375% | |||||
Unsecured Senior Notes Due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 800,000 | |||||
Stated interest rate on unsecured senior notes | 7.125% |
Debt (Summary Of Long-Term Debt
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Current | $ 29,957 | |
Long-term debt, gross | $ 1,300,000 | 1,608,089 |
Unamortized debt issuance costs | (15,400) | (19,826) |
Total debt, net | 1,284,600 | 1,588,263 |
Senior Notes, Interest Payable Semiannually At 6 3/8%, Due May 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000 | 500,000 |
Senior Notes, Interest Payable Semiannually At 7 1/8%, Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 800,000 | 800,000 |
Term Loan, Interest Payable Monthly At Floating Rate And Principal Payable Quarterly, Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Current | 20,000 | |
Long-term debt, gross | 305,000 | |
Other long term debt instrument [member] | ||
Debt Instrument [Line Items] | ||
Current | 9,957 | |
Long-term debt, gross | $ 3,089 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt [Abstract] | |
2,018 | $ 500,000 |
2,020 | 800,000 |
Total | $ 1,300,000 |
Stock-Based And Long-Term Com62
Stock-Based And Long-Term Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Compensation expense | $ 40,181 | $ 45,572 | $ 44,074 |
Intrinsic value of options exercised | 17,100 | ||
Tax benefit from exercising stock options | 100 | $ 900 | $ 5,600 |
Compensation expense expected to recognize in 2015 | 16,600 | ||
Compensation expense expected to recognize in 2016 | 7,300 | ||
Compensation expense expected to recognize in 2017 | $ 300 | ||
Shares issued under Employee Stock Purchase Plan, shares | 290,987 | 332,467 | 246,480 |
Proceed from issue of shares under employee stock purchase plans | $ 3,681 | $ 4,803 | $ 4,870 |
Long-term liability | 18,489 | 17,367 | |
Current liability | 1,115 | 721 | |
Deferred compensation, compensation expense | 1,400 | 2,100 | 1,600 |
Deferred compensation plan assets | 12,360 | 11,548 | |
Other income (expense) | $ 22,621 | (9,476) | (7,681) |
Employee Stock Option [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Share-based payment vesting period, years | 3 years | ||
Share-based payment expiration period, years | 10 years | ||
Compensation expense | $ 4,870 | 3,663 | 3,900 |
Intrinsic value of options exercised | 300 | 2,300 | |
Cash received from exercising options | 500 | 8,800 | 10,600 |
Tax benefit from exercising stock options | 1,802 | 1,355 | 1,443 |
Unrecognized compensation expense related to non-vested options oustanding | 5,700 | ||
Compensation expense expected to recognize in 2015 | 3,300 | ||
Compensation expense expected to recognize in 2016 | 2,400 | ||
Restricted Stock [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Compensation expense | 382 | 9,219 | 15,800 |
Tax benefit from exercising stock options | $ 141 | $ 3,411 | 5,846 |
Shares outstanding | 292,937 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 23.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 23.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6,800 | $ 12,100 | 23,000 |
Restricted Stock Units (RSUs) [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Compensation expense | 24,762 | 19,699 | 11,282 |
Tax benefit from exercising stock options | 9,162 | $ 7,289 | 4,174 |
Unrecognized compensation expense related to non-vested options oustanding | $ 24,200 | ||
Resticted stock granted | 2,549,112 | ||
Shares outstanding | 3,686,292 | 2,787,889 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 20.62 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 14.10 | $ 20.41 | |
Performance Shares [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Compensation expense | $ 10,167 | $ 12,991 | 13,092 |
Shares outstanding | 368,394 | ||
Performance period of PSU grant, years | 3 years | ||
Portion of equivalent value in common stock of company after meeting service requirements, at discretion of compensation committee | 50.00% | ||
Performance Share Units Outstanding, in 2014 | 121,168 | ||
Performance Share Units Outstanding, in 2015 | 129,852 | ||
Performance Share Units Outstanding, in 2016 | 117,374 | ||
2013 Employee Stock Purchase Plan Member | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Compensation expense | $ 1,492 | 835 | 1,078 |
Supplemental Executive Retirement Plan [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Employers Contribution to be received by plan participants, Minimum | 5.00% | ||
Employers Contribution to be received by plan participants, Maximum | 35.00% | ||
Employers contribution | $ 2,200 | 1,200 | 1,200 |
Distribution to select participants | $ 1,400 | 3,700 | 3,000 |
Other Pension Plan [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Maximum employee contribution to be matched by employer | 4.00% | ||
Maximum empoyee contribution | 75.00% | ||
Company contribution, percent | 100.00% | ||
Company discretionary contributions | $ 8,700 | $ 13,900 | $ 16,700 |
Non-Qualified Deferred Compensation Plans [Member] | |||
Stock Based and Long-Term Compensation (Textual) [Abstract] | |||
Maximum portion of base salary to defer under non-qualified deferred compensation plan | 75.00% | ||
Maximum portion of bonus to defer under non-qualified deferred compensation plan | 100.00% | ||
Non-employee cash deferred to non-qualified compensation plan | 100.00% | ||
Maximum of cash portion of PSU compensation to defer under non-qualified deferred compensation plan | 100.00% |
Stock-Based And Long-Term Com63
Stock-Based And Long-Term Compensation (Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average fair value of grants | $ 3.61 | $ 6.25 | $ 6.95 |
Black-Scholes-Merton Assumptions: | |||
Risk free interest rate | 1.46% | 1.33% | 1.42% |
Expected life (years) | 5 years | 5 years | 4 years |
Volatility | 55.72% | 47.07% | 34.50% |
Dividend yield | 3.28% | 1.30% | 1.23% |
Stock-Based And Long-Term Com64
Stock-Based And Long-Term Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summarization of stock option activity | ||
Number of options outstanding, beginning | 4,591,141 | |
Number of options granted | 2,121,417 | |
Number of options exercised | (40,723) | |
Number of options forfeited | (289,820) | |
Number of options expired | (371,181) | |
Number of options outstanding, ending | 6,010,834 | 4,591,141 |
Number of options exercisable | 3,671,241 | |
Number of options expected to vest | 2,339,593 | |
Weighted average option price outstanding, beginning | $ 23.60 | |
Weighted average option price granted | 9.76 | |
Weighted average option price excercised | 12.86 | |
Weighted average option price forfeited | 9.76 | |
Weighted average option price expired | 27.21 | |
Weighted average option price outstanding, ending | 19.23 | $ 23.60 |
Weighted average option price exercisable | 23.86 | |
Weighted average option price expected to vest | $ 11.97 | |
Weighted average remaining contractual term, outstanding | 6 years | 5 years 3 months 18 days |
Weighted average remaining contractual term, exercisable | 4 years 2 months 12 days | |
Weighted average remaining contractual term, expected to vest | 8 years 9 months 18 days | |
Aggregate intrinsic value, outstanding | $ 14,145 | $ 256 |
Aggregate intrinsic value, exercisable | 1,104 | |
Aggregate intrinsic value, expected to vest | $ 13,041 |
Stock-Based And Long-Term Com65
Stock-Based And Long-Term Compensation (Summary Of Non-Vested Stock Option Activity) (Details) | 12 Months Ended | ||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / shares | |
Summarizes Non-vested Stock Option [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | shares | 1,102,879 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 2,121,417 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | (594,883) | ||
Number of options forfeited | shares | (289,820) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | shares | 2,339,593 | 1,102,879 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Exercise Price, Beginning Balance | $ 20.81 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 3.61 | $ 6.25 | $ 6.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 21.54 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Granted, Weighted Average Grant Date Fair Value | 9.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 9.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Exercise Price, Ending Balance | $ 11.97 | $ 20.81 |
Stock-Based And Long-Term Com66
Stock-Based And Long-Term Compensation (Summary Of The Status Of Restricted Stock) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Summary of restricted stock | |
Beginning balance | shares | 292,937 |
Shares, vested | shares | (291,779) |
Shares, fofeited | shares | (1,158) |
Weighted average grant date fair value, beginning balance | $ / shares | $ 23.13 |
Weighted average grant date fair value, vested | $ / shares | 23.13 |
Weighted average grant date fair value, forfeited | $ / shares | $ 23.03 |
Stock-Based And Long-Term Com67
Stock-Based And Long-Term Compensation (Summary Of The Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | shares | 2,787,889 |
Granted | shares | 2,549,112 |
Shares, vested | shares | (1,127,930) |
Shares, fofeited | shares | (522,779) |
Ending balance | shares | 3,686,292 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 20.41 |
Weighted average grant date fair value, granted | $ / shares | 9.98 |
Weighted average grant date fair value, vested | $ / shares | 20.62 |
Weighted average grant date fair value, forfeited | $ / shares | 13.56 |
Weighted average grant date fair value, ending balance | $ / shares | $ 14.10 |
Stock-Based And Long-Term Com68
Stock-Based And Long-Term Compensation (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | $ 40,181 | $ 45,572 | $ 44,074 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 11,105 | 12,055 | 11,463 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | 4,870 | 3,663 | 3,900 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | 382 | 9,219 | 15,800 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | 24,762 | 19,699 | 11,282 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | 10,167 | 12,991 | 13,092 |
2013 Employee Stock Purchase Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Allocated Share-based Compensation Expense | $ 1,492 | $ 835 | $ 1,078 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||
U.S. Federal income tax rate | 35.00% | ||||
net operating loss carryforwards | $ 320,800 | $ 320,800 | |||
Deferred tax assets, various state | 26,500 | 26,500 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 49,100 | 49,100 | |||
Unrecorded tax benefits | 29,956 | $ 29,715 | $ 30,344 | 29,956 | $ 29,899 |
Interest and penalties recorded | 2,500 | 1,000 | 600 | ||
Interest and penalties accrued | 7,400 | $ 4,600 | $ 5,000 | $ 7,400 | |
Increase in valuation allowance | $ 1,300 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (1,097,109) | $ (2,069,019) | $ 372,672 |
Foreign | (3,232) | 9,236 | 69,517 |
Income (loss) from continuing operations before income taxes | $ (1,100,341) | $ (2,059,783) | $ 442,189 |
Income Taxes (Schedule Of Com71
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, federal | $ (101,578) | $ (952) | $ 150,997 |
Current, state | (159) | 2,818 | 11,339 |
Current, foreign | 19,156 | 19,227 | 36,287 |
Current, total | (82,581) | 21,093 | 198,623 |
Deferred, federal | (179,721) | (249,193) | (33,172) |
Deferred, state | (9,348) | (10,034) | 648 |
Deferred, foreign | 4,649 | (13,886) | (4,700) |
Deferred income taxes | (184,420) | (273,113) | (37,224) |
Income Tax Expense (Benefit), Total | $ (267,001) | $ (252,020) | $ 161,399 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed expected tax expense (benefit) | $ (385,119) | $ (720,923) | $ 154,766 |
Increase (decrease) resulting from State and foreign income taxes | (8,038) | (6,353) | 8,467 |
Increase (decrease) resulting other | 10,431 | 10,861 | (1,834) |
Income Tax Expense (Benefit) | (267,001) | (252,020) | $ 161,399 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 115,725 | $ 464,395 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Deferred Tax Assets [Abstract] | ||
Allowance for doubtful accounts | $ 9,172 | $ 8,275 |
Operating loss and tax credit carryforwards | 85,383 | 92,798 |
Compensation and employee benefits | 59,351 | 59,310 |
Decommissioning liabilities | 40,994 | 30,400 |
Other | 51,069 | 57,768 |
Deferred tax assets, gross | 245,969 | 248,551 |
Valuation allowance | (6,722) | (5,395) |
Net deferred tax assets | 239,247 | 243,156 |
Components of Deferred Tax Liabilities [Abstract] | ||
Property, plant and equipment | 352,683 | 469,728 |
Notes receivable | 14,796 | 14,796 |
Goodwill and other intangible assets | 98,868 | 119,661 |
Other | 16,511 | 22,040 |
Deferred tax liabilities | 482,858 | 626,225 |
Net deferred tax liability | $ (243,611) | $ (383,069) |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Liabilities Classified In The Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Noncurrent deferred income taxes | $ (243,611) | $ (383,069) |
Net deferred tax liability | $ (243,611) | $ (383,069) |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 29,715 | $ 30,344 | $ 29,899 |
Additions based on tax positions related to prior years | 6,874 | 6,752 | 7,860 |
Reductions based on tax positions related to prior years | (3,582) | (5,438) | |
Reductions as a result of a lapse of the applicable statute of limitations | (3,051) | (1,977) | |
Reductions relating to settlements with taxing authorities | (7,381) | ||
Unrecognized tax benefits, ending balance | $ 29,956 | $ 29,715 | $ 30,344 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 354,418 | $ 326,225 | $ 356,271 | $ 413,133 | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,450,047 | $ 2,774,565 | $ 4,556,622 |
Cost of goods and services | 321,132 | 258,168 | 258,635 | 285,339 | 397,548 | 420,485 | 465,533 | 582,246 | 1,123,274 | 1,865,812 | 2,734,833 |
Depreciation, depletion, amortization and accretion - services | 117,954 | 123,308 | 132,037 | 136,672 | 144,818 | 146,757 | 158,352 | $ 162,220 | 509,971 | 612,147 | 650,814 |
General and administrative expenses | 346,606 | 510,708 | 624,371 | ||||||||
Reduction in the value of assets | $ 35,961 | $ 1,963 | $ 460,283 | $ 2,198 | $ 175,618 | $ 755,632 | $ 807,637 | 500,405 | 1,738,887 | ||
Income from operations | (1,030,209) | (1,952,989) | 546,604 | ||||||||
Interest expense, net | 92,753 | 97,318 | 96,734 | ||||||||
Other income (expense) | 22,621 | (9,476) | (7,681) | ||||||||
Income (loss) from continuing operations before income taxes | (1,100,341) | (2,059,783) | 442,189 | ||||||||
Drilling Products And Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 293,543 | 547,530 | 852,499 | ||||||||
Cost of goods and services | 136,719 | 178,629 | 255,613 | ||||||||
Depreciation, depletion, amortization and accretion - services | 161,378 | 187,336 | 179,934 | ||||||||
General and administrative expenses | 89,574 | 120,637 | 141,762 | ||||||||
Reduction in the value of assets | 48,903 | 40,237 | |||||||||
Income from operations | (143,031) | 20,691 | 275,190 | ||||||||
Income (loss) from continuing operations before income taxes | (143,031) | 20,691 | 275,190 | ||||||||
Onshore Completion Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 523,965 | 934,274 | 1,732,833 | ||||||||
Cost of goods and services | 515,784 | 773,119 | 1,205,443 | ||||||||
Depreciation, depletion, amortization and accretion - services | 209,455 | 225,667 | 233,430 | ||||||||
General and administrative expenses | 91,508 | 121,289 | 159,687 | ||||||||
Reduction in the value of assets | 190,835 | 783,229 | |||||||||
Income from operations | (483,617) | (969,030) | 134,273 | ||||||||
Income (loss) from continuing operations before income taxes | (483,617) | (969,030) | 134,273 | ||||||||
Production Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 348,363 | 795,215 | 1,402,815 | ||||||||
Cost of goods and services | 276,223 | 612,578 | 967,440 | ||||||||
Depreciation, depletion, amortization and accretion - services | 95,416 | 136,992 | 171,380 | ||||||||
General and administrative expenses | 76,817 | 146,192 | 195,731 | ||||||||
Reduction in the value of assets | 235,067 | 790,517 | |||||||||
Income from operations | (335,160) | (891,064) | 68,264 | ||||||||
Interest expense, net | 1,343 | 2,013 | |||||||||
Income (loss) from continuing operations before income taxes | (336,503) | (893,077) | 68,264 | ||||||||
Technical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 284,176 | 497,546 | 568,475 | ||||||||
Cost of goods and services | 194,548 | 301,486 | 306,337 | ||||||||
Depreciation, depletion, amortization and accretion - services | 43,722 | 62,152 | 66,070 | ||||||||
General and administrative expenses | 88,707 | 122,590 | 127,191 | ||||||||
Reduction in the value of assets | 25,600 | 124,904 | |||||||||
Income from operations | (68,401) | (113,586) | 68,877 | ||||||||
Interest expense, net | (3,553) | (1,707) | (1,577) | ||||||||
Income (loss) from continuing operations before income taxes | (64,848) | (111,879) | 70,454 | ||||||||
Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest expense, net | 94,963 | 97,012 | 98,311 | ||||||||
Other income (expense) | 22,621 | (9,476) | (7,681) | ||||||||
Income (loss) from continuing operations before income taxes | $ (72,342) | $ (106,488) | $ (105,992) |
Segment Information (Schedule77
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Assets | $ 3,470,255 | $ 4,914,244 | $ 7,317,782 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 849,046 | 1,154,425 | 1,212,900 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,573,801 | 1,929,185 | 2,993,824 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 598,909 | 1,036,485 | 2,170,534 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 448,499 | $ 794,149 | $ 940,524 |
Segment Information (Schedule78
Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 35,504 | $ 124,015 | $ 261,451 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 20,185 | 103,001 | 152,742 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 20,939 | 77,537 | 102,171 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 3,920 | 53,673 | 99,738 |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 80,548 | $ 358,226 | $ 616,102 |
Segment Information (Schedule79
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 354,418 | $ 326,225 | $ 356,271 | $ 413,133 | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,450,047 | $ 2,774,565 | $ 4,556,622 |
Long-lived assets | 1,605,365 | 2,123,291 | 1,605,365 | 2,123,291 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,080,513 | 2,185,071 | 3,848,929 | ||||||||
Long-lived assets | 1,288,077 | 1,799,418 | 1,288,077 | 1,799,418 | |||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 369,534 | 589,494 | $ 707,693 | ||||||||
Long-lived assets | $ 317,288 | $ 323,873 | $ 317,288 | $ 323,873 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies (Textual) [Abstract] | |||
Rent expense | $ 24.1 | $ 29.6 | $ 26.2 |
2,017 | 42.7 | ||
2,018 | 27.5 | ||
2,019 | 16.8 | ||
2,020 | 12.2 | ||
Thereafter | $ 29.8 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | |
Fair Value Measurements [Abstract] | ||
Number of Interest Swap Agreements | agreement | 3 | |
Interest rate swap agreement for notional amount | $ 100,000 | |
Fair value of debt | 1,307,600 | $ 1,508,000 |
Impairment of long lived assets | 101,000 | |
Reduction in value of goodwill | 330,500 | $ 1,326,701 |
Impairment of Long-Lived Assets Held-for-use | 101,000 | |
Impairment of Intangible Assets, Finite-lived | $ 68,900 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | $ 1,115 | |
Intangible and other long-term assets | 12,360 | $ 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 | 8,579 | 6,905 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | 18,489 | 17,367 |
Accounts payable | 721 | |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Intangible and other long-term assets | 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 | ||
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | ||
Accounts payable | ||
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 1,115 | |
Intangible and other long-term assets | 11,992 | 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 | 8,579 | 6,905 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | 18,489 | 17,367 |
Accounts payable | 721 | |
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
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] | ||
Other long-term liabilities | ||
Accounts payable |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements Used in Testing) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | $ 68,865 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 330,500 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | 74,938 | |||
Reduction in value of goodwill | $ 330,500 | $ 1,326,701 | ||
Impairment of Intangible Assets, Finite-lived | 68,900 | |||
Impairment of Long-Lived Assets Held-for-use | $ 101,000 | |||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill Fair Value Measurement Used in Testing for Impairment | 668,864 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | $ 294,457 | |||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | $ 68,890 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 1,326,701 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | 177,442 | |||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | 6,345 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 998,288 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | $ 179,612 |
Derivative Financial Instrume84
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments [Abstract] | |||
Derivative asset | $ 8.6 | $ 6.9 | |
Interest income (expense) related to the ineffectiveness associated with the fair value hedge | (1.7) | $ 2.7 | $ 3.8 |
Interest rate swap agreement for notional amount | 100 | ||
Proceeds from sale of Interest rate swap | $ 0.8 |
Derivative Financial Instrume85
Derivative Financial Instruments (Location And Effect Of The Derivative Instrument On The Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | $ (1,674) | $ (2,722) | $ (3,846) |
Hedged Item Debt [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | (3,980) | (790) | 7,208 |
Interest Rate Swap [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | $ 2,306 | $ (1,932) | $ (11,054) |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchase of leased vessels | $ 46,442 | |
Subsea Construction Marine Vessels Member | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment Included in Discontinued Operations | $ 33,000 | 25,800 |
Gain on sale of assets, disposal group accounted for as discontinued operations | 18,800 | |
Conventional Decommissioning Long-lived Assets Member | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment Included in Discontinued Operations | $ 8,800 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax expense (benefit) | $ 1,908 | $ 5,626 | $ 19,330 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | $ (44,982) | $ (4,085) | $ (2,225) | $ (2,267) | $ (22,848) | $ (4,610) | $ (9,857) | $ (9,640) | (53,559) | (46,955) | (22,973) |
Property, plant and equipment, net of discontinued operations | $ 27,000 | 92,634 | 27,000 | 92,634 | |||||||
Segment, Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 18,723 | 145,463 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | $ (53,559) | (46,955) | (22,973) | ||||||||
Segment, Conventional Decommissioning Business [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | 7,500 | $ 21,700 | |||||||||
Property, plant and equipment, net of discontinued operations | $ 26,600 | $ 26,600 |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities of Disposal Groups) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||
Current assets | $ 158 | $ 2,600 |
Property, plant and equipment, net of discontinued operations | 27,000 | 92,634 |
Total assets | 27,158 | 95,234 |
Current liabilities | $ 8,653 | $ 4,661 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Purchase of services | $ 221.1 | ||
Ortowski Construction [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 0.7 | ||
ORTEQ Energy Services [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 92.1 | ||
Resource Transport [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 21.6 | ||
Texas Specialty Sands [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 79.3 | ||
ProFuel LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 25.5 | ||
TIMBER CREEK REAL ESTATE PARTNERS [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 1.9 | ||
LINNENERGY[MEMBER] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 5.4 | 7.2 | $ 19.7 |
Accounts Receivable, Related Parties, Current | $ 0.5 | $ 2 |
Interim Financial Information90
Interim Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 354,418 | $ 326,225 | $ 356,271 | $ 413,133 | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,450,047 | $ 2,774,565 | $ 4,556,622 |
Costs and Expenses [Abstract] | |||||||||||
Cost of services and rentals | 321,132 | 258,168 | 258,635 | 285,339 | 397,548 | 420,485 | 465,533 | 582,246 | 1,123,274 | 1,865,812 | 2,734,833 |
Depreciation, depletion, amortization and accretion - services | 117,954 | 123,308 | 132,037 | 136,672 | 144,818 | 146,757 | 158,352 | 162,220 | 509,971 | 612,147 | 650,814 |
Reduction in value of assets | 35,961 | 1,963 | 460,283 | 2,198 | 175,618 | 755,632 | 807,637 | 500,405 | 1,738,887 | ||
Net income (loss) from continuing operations | (166,259) | (113,913) | (468,632) | (84,536) | (214,547) | (816,587) | (775,132) | (1,497) | (833,340) | (1,807,763) | 280,790 |
Loss from discontinued operations, net of tax | (44,982) | (4,085) | (2,225) | (2,267) | (22,848) | (4,610) | (9,857) | (9,640) | (53,559) | (46,955) | (22,973) |
Net income (loss) | $ (211,241) | $ (117,998) | $ (470,857) | $ (86,803) | $ (237,395) | $ (821,197) | $ (784,989) | $ (11,137) | $ (886,899) | $ (1,854,718) | $ 257,817 |
Earnings Per Share [Abstract] | |||||||||||
Continuing operations, basic | $ (1.10) | $ (0.75) | $ (3.09) | $ (0.56) | $ (1.43) | $ (5.42) | $ (5.15) | $ (0.02) | $ (5.50) | $ (12.02) | $ 1.81 |
Continuing operations, diluted | (5.50) | (12.02) | 1.79 | ||||||||
Discontinued operations, basic | $ (0.30) | $ (0.03) | $ (0.02) | $ (0.01) | $ (0.15) | $ (0.03) | $ (0.07) | $ (0.06) | (0.35) | (0.31) | (0.15) |
Discontinued operations, diluted | $ (0.35) | $ (0.31) | $ (0.14) |
Valuation and Qualifying Acco91
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $ 28,242 | $ 22,076 | $ 31,030 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7,825 | 14,341 | 6,299 |
Valuation Allowances and Reserves, Deductions | 6,327 | 4,795 | 10,639 |
Valuation Allowances and Reserves, Reclassifications to Assets Held for Sale | 3,380 | 4,614 | |
Valuation Allowances and Reserves, Balance, Ending Balance | $ 29,740 | $ 28,242 | $ 22,076 |