Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 20, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Superior Energy Services Inc | |
Entity Central Index Key | 886,835 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 154,525,627 | |
Trading Symbol | spn |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 118,512 | $ 172,000 |
Accounts receivable, net of allowance for doubtful accounts of $19,534 and $29,037 at June 30, 2018 and December 31, 2017, respectively | 441,983 | 398,056 |
Income taxes receivable | 959 | |
Prepaid expenses | 43,188 | 42,128 |
Inventory and other current assets | 158,765 | 134,032 |
Assets held for sale | 13,644 | |
Total current assets | 762,448 | 760,819 |
Property, plant and equipment, net of accumulated depreciation and depletion of $2,848,297 and $2,736,620 at June 30, 2018 and December 31, 2017, respectively | 1,240,703 | 1,316,944 |
Goodwill | 806,813 | 807,860 |
Notes receivable | 62,041 | 60,149 |
Restricted cash | 11,631 | 20,483 |
Intangible and other long-term assets, net of accumulated amortization of $89,561 and $83,359 at June 30, 2018 and December 31, 2017, respectively | 137,349 | 143,970 |
Total assets | 3,020,985 | 3,110,225 |
Current liabilities: | ||
Accounts payable | 162,125 | 119,716 |
Accrued expenses | 201,665 | 221,757 |
Current portion of decommissioning liabilities | 24,156 | 27,261 |
Liabilities held for sale | 6,463 | |
Total current liabilities | 387,946 | 375,197 |
Deferred income taxes | 41,758 | 61,058 |
Decommissioning liabilities | 103,088 | 103,136 |
Long-term debt, net | 1,281,145 | 1,279,771 |
Other long-term liabilities | 154,333 | 158,634 |
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 - 154,525,627 at June 30, 2018, Authorized - 250,000,000, Issued and Outstanding - 153,263,097 at December 31, 2017 | 155 | 153 |
Additional paid in capital | 2,722,224 | 2,713,161 |
Accumulated other comprehensive loss, net | (70,092) | (67,427) |
Retained deficit | (1,599,572) | (1,513,458) |
Total stockholders' equity | 1,052,715 | 1,132,429 |
Total liabilities and stockholders' equity | $ 3,020,985 | $ 3,110,225 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 19,534 | $ 29,037 |
Accumulated depreciation and depletion on Property, plant and equipment | 2,848,297 | 2,736,620 |
Accumulated amortization of Intangible and other long-term assets | $ 89,561 | $ 83,359 |
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 | 154,525,627 | 153,263,097 |
Common stock, shares outstanding | 154,525,627 | 153,263,097 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 |
Costs and expenses: | ||||
Cost of services (exclusive of depreciation, depletion, amortization and accretion) | 333,126 | 322,795 | 644,265 | 619,229 |
Cost of rentals (exclusive of depreciation, depletion, amortization and accretion) | 36,684 | 29,007 | 69,005 | 54,559 |
Depreciation, depletion, amortization and accretion - services | 81,740 | 92,953 | 169,487 | 188,283 |
Depreciation, depletion, amortization and accretion - rentals | 16,233 | 15,166 | 34,205 | 34,117 |
General and administrative expenses | 69,896 | 76,708 | 145,716 | 152,201 |
Loss from operations | (2,131) | (66,561) | (44,812) | (177,385) |
Other income (expense): | ||||
Interest expense, net | (24,894) | (23,333) | (49,781) | (47,583) |
Other income (expense) | (2,382) | (2,156) | (4,117) | (1,507) |
Loss from continuing operations before income taxes | (29,407) | (92,050) | (98,710) | (226,475) |
Income taxes | (3,970) | (30,011) | (13,325) | (74,775) |
Net loss from continuing operations | (25,437) | (62,039) | (85,385) | (151,700) |
Loss from discontinued operations, net of income tax | (953) | (1,767) | (729) | (3,765) |
Net loss | $ (26,390) | $ (63,806) | $ (86,114) | $ (155,465) |
Basic and diluted: | ||||
Net loss from continuing operations | $ (0.16) | $ (0.41) | $ (0.56) | $ (1) |
Loss from discontinued operations | (0.01) | (0.01) | (0.02) | |
Net loss | $ (0.17) | $ (0.42) | $ (0.56) | $ (1.02) |
Weighted average common shares used in computing loss per share: | ||||
Basic and diluted | 154,278 | 152,857 | 153,728 | 152,317 |
Services [Member] | ||||
Revenues: | ||||
Total revenues | $ 446,812 | $ 404,131 | $ 846,580 | $ 738,581 |
Rentals [Member] | ||||
Revenues: | ||||
Total revenues | $ 88,736 | $ 65,937 | $ 171,286 | $ 132,423 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidated Statement of Comprehensive Loss [Abstract] | ||||
Net loss | $ (26,390) | $ (63,806) | $ (86,114) | $ (155,465) |
Change in cumulative translation adjustment, net of tax | (7,053) | 6,022 | (2,665) | 7,746 |
Comprehensive loss | $ (33,443) | $ (57,784) | $ (88,779) | $ (147,719) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (86,114) | $ (155,465) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 203,692 | 222,400 |
Deferred income taxes | (19,300) | (61,322) |
Stock based compensation expense | 16,552 | 20,027 |
Other reconciling items, net | (2,595) | (1,603) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (44,415) | (89,324) |
Inventory and other current assets | (24,854) | (10,192) |
Accounts payable | 32,852 | 26,499 |
Accrued expenses | (35,729) | (11,202) |
Income taxes | 1,255 | 98,561 |
Other, net | (1,929) | (21,232) |
Net cash provided by operating activities | 39,415 | 17,147 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (119,841) | (56,649) |
Proceeds from sales of assets | 23,297 | 4,090 |
Net cash used in investing activities | (96,544) | (52,559) |
Cash flows from financing activities: | ||
Tax withholdings for vested restricted stock units | (5,183) | (8,298) |
Other | 1,283 | 1,324 |
Net cash used in financing activities | (3,900) | (6,974) |
Effect of exchange rate changes on cash | (1,311) | 2,093 |
Net decrease in cash, cash equivalents, and restricted cash | (62,340) | (40,293) |
Cash, cash equivalents, and restricted cash at beginning of period | 192,483 | 246,092 |
Cash, cash equivalents, and restricted cash at end of period | $ 130,143 | $ 205,799 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Certain information and footnote disclosures normally in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC); however, management believes the disclosures that are made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Superior Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017 , and Management’s Discussion and Analysis of Financial Condition and Results of Operations herein. The financial information of Superior Energy Services, Inc. and its subsidiaries (the Company) for the three and six months ended June 30, 2018 and 2017 has not been audited. However, in the opinion of management, all adjustments necessary to present fairly the results of operations for the periods presented have been included therein. Certain previously reported amounts have been reclassified to conform to the 2018 presentation. The results of operations for the first six months of the year are not necessarily indicative of the results of operations that might be expected for the entire year. Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding its business activities. Legal costs related to these matters are expensed as incurred. In management’s opinion, none of the pending litigation, disputes or claims is expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity. The Company evaluates events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on the evaluation, the Company determined that there were no material subsequent events for recognition or disclosure. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Revenue | (2) Revenue Adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The Company adopted this ASU using the modified retrospective adoption method. There was no impact on the condensed consolidated financial statements and no cumulative effect adjustment was recognized. Revenue Recognition Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services rendered or rentals provided. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis in the Company’s financial statements. Performance Obligations A performance obligation arises under contracts with customers to render services or provide rentals, and is the unit of account under Topic 606. The Company accounts for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices that the Company charges for its services rendered and rentals provided. The majority of the Company’s performance obligations are satisfied over time, which is generally represented by a period of 30 days or less. The Company’s payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days. Services revenue primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and can be based on a per job, per hour or per day basis. Rentals revenue is, primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for use of the Company’s rental equipment over the term of the rental period, which is generally less than twelve months. The Company expenses sales commissions when incurred because the amortization period would have been one year or less. Disaggregation of revenue The following table presents the Company’s revenues by segment disaggregated by geography (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 U.S. land Drilling Products and Services $ 43,394 $ 27,770 $ 84,111 $ 48,932 Onshore Completion and Workover Services 276,242 249,079 507,731 454,058 Production Services 47,944 33,062 100,401 56,497 Technical Solutions 7,858 7,921 14,691 17,006 Total U.S. land $ 375,438 $ 317,832 $ 706,934 $ 576,493 Gulf of Mexico Drilling Products and Services $ 23,261 $ 22,266 $ 44,250 $ 45,751 Onshore Completion and Workover Services - - - - Production Services 13,634 19,937 31,134 37,683 Technical Solutions 35,333 42,030 72,895 75,747 Total Gulf of Mexico $ 72,228 $ 84,233 $ 148,279 $ 159,181 International Drilling Products and Services $ 27,378 $ 18,791 $ 50,874 $ 42,575 Onshore Completion and Workover Services - - - - Production Services 40,426 35,607 71,186 63,031 Technical Solutions 20,078 13,605 40,593 29,724 Total International $ 87,882 $ 68,003 $ 162,653 $ 135,330 Total Revenues $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 The following table presents the Company’s revenues by segment disaggregated by type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Services Drilling Products and Services $ 27,461 $ 19,629 $ 51,466 $ 36,500 Onshore Completion and Workover Services 266,071 240,461 487,418 439,907 Production Services 93,678 82,575 188,292 145,857 Technical Solutions 59,602 61,466 119,404 116,317 Total services $ 446,812 $ 404,131 $ 846,580 $ 738,581 Rentals Drilling Products and Services $ 66,572 $ 49,198 $ 127,769 $ 100,758 Onshore Completion and Workover Services 10,171 8,618 20,313 14,151 Production Services 8,326 6,031 14,429 11,354 Technical Solutions 3,667 2,090 8,775 6,160 Total rentals $ 88,736 $ 65,937 $ 171,286 $ 132,423 Total Revenues $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2018 | |
Inventory [Abstract] | |
Inventory | (3) Inventory Inventories are stated at the lower of cost or net realizable value. The Company applies net realizable value and obsolescence to the gross value of the inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables primarily consist of products used in our services provided to customers. The components of the inventory balances are as follows (in thousands): June 30, 2018 December 31, 2017 Finished goods $ 72,884 $ 61,764 Raw materials 14,955 13,727 Work-in-process 10,051 6,174 Supplies and consumables 26,309 24,923 Total $ 124,199 $ 106,588 |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2018 | |
Notes Receivable [Abstract] | |
Notes Receivable | (4) Notes Receivable Notes receivable consist of a commitment from the seller of an oil and gas property acquired by the Company related to costs associated with the abandonment of the acquired property. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totals $ 115.0 million and is recorded at present value using an effective interest rate of 6.58 %. The related discount is amortized to interest income based on the expected timing of completion of the decommissioning activities. The Company recorded interest income related to notes receivable of $1.9 m illion and $1.7 million for the six months ended June 30, 2018 and 2017 , respectively. |
Decommissioning Liabilities
Decommissioning Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Decommissioning Liabilities [Abstract] | |
Decommissioning Liabilities | (5) Decommissioning Liabilities The Company’s decommissioning liabilities associated with an oil and gas property and its related assets consist of costs related to the plugging of wells, the removal of the related platform and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liabilities have changed materially. The Company had decommissioning liabilities of $127.2 million and $130.4 million at June 30, 2018 and December 31, 2017 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt [Abstract] | |
Debt | (6) Debt The Company’s outstanding debt is as follows (in thousands): June 30, 2018 December 31, 2017 Long-term Long-term Senior unsecured notes due September 2024 $ 500,000 $ 500,000 Senior unsecured notes due December 2021 800,000 800,000 Total debt, gross 1,300,000 1,300,000 Unamortized debt issuance costs (18,855) (20,229) Total debt, net $ 1,281,145 $ 1,279,771 Credit Facility The Company has a $300 million asset-based revolving credit facility which matures in October 2022. The borrowing base under the credit facility is calculated based on a formula referencing the borrower’s and the subsidiary guarantors’ eligible accounts receivable, eligible inventory and eligible premium rental drill pipe less reserves. Availability under the credit facility is the lesser of (i) the commitments, (ii) the borrowing base and (iii) the highest principal amount permitted to be secured under the indenture governing the 7 1/8% senior unsecured notes due 2021 . At June 30, 2018 , the borrowing base was $ 263 . 0 mi llion and the Company had $37.9 m illion of letters of credit outstanding that reduced its borrowing availability under the revolving credit facility. The credit agreement contains various covenants, including, but not limited to, limitations on the incurrence of indebtedness, permitted investments, liens on assets, making distributions, transactions with affiliates, merger, consolidations, dispositions of assets and other provisions customary in similar types of agreements. Senior Unsecured Notes The Company has outstanding $500 million of 7 3/4% senior unsecured notes due September 2024. The indenture governing the 7 3/4% senior unsecured notes due 2024 requires semi-annual interest payments on March 15 th and September 15 th of each year, beginning on March 15, 2018, through the maturity date of September 15, 2024. The Company also has outstanding $ 800 million of 7 1/8% senior unsecured notes due December 2021. The indenture governing the 7 1/8% senior unsecured notes due 2021 requires semi-annual interest payments on June 15 th and December 15 th of each year through the maturity date of December 15, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows. Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 : Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets; or model-derived valuations or other inputs that can be corroborated by observable market data. Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value at June 30, 2018 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 373 $ 13,904 $ - $ 14,277 Accounts payable Non-qualified deferred compensation liabilities $ - $ 1,163 $ - $ 1,163 Other long-term liabilities Non-qualified deferred compensation liabilities $ - $ 21,081 $ - $ 21,081 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 370 $ 13,817 $ - $ 14,187 Accounts payable Non-qualified deferred compensation liabilities $ - $ 1,253 $ - $ 1,253 Other long-term liabilities Non-qualified deferred compensation liabilities $ - $ 21,085 $ - $ 21,085 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. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. The fair value of the Company’s cash equivalents and accounts receivable approximates their carrying amounts. The fair value of the Company’s long-term debt was approximately $ 1,321. 0 m illion and $ 1,347.0 million as of June 30, 2018 and December 31, 2017 , respectively. The fair value of these debt instruments is determined by reference to the market value of the instruments as quoted in over-the-counter markets, which are Level 1 inputs. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | (8) Segment Information Business Segments The Drilling Products and Services segment rents and sells premium drill pipe, bottom hole assemblies, 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 control services, stimulation and sand control services and well plug and abandonment services. It also includes production and sale of oil and gas. The Company evaluates the performance of its reportable segments based on income or loss from operations excluding allocated corporate expenses. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation, depletion, amortization and accretion expense and reduction in value of assets. The Company uses this segment measure to evaluate its reportable segments because it is the measure that is most consistent with how the Company organizes and manages its business operations. Corporate and other costs primarily include expenses related to support functions, salaries and benefits for corporate employees and stock-based compensation expense. Summarized financial information for the Company’s segments is as follows (in thousands): Three Months Ended June 30, 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 94,033 $ 276,242 $ 102,004 $ 63,269 $ - $ 535,548 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 36,599 210,206 85,129 37,876 - 369,810 Depreciation, depletion, amortization and accretion 28,590 47,423 14,303 6,273 1,384 97,973 General and administrative expenses 13,843 11,102 9,696 13,323 21,932 69,896 Income (loss) from operations 15,001 7,511 (7,124) 5,797 (23,316) (2,131) Interest income (expense), net - - - 971 (25,865) (24,894) Other expense - - - - (2,382) (2,382) Income (loss) from continuing operations before income taxes $ 15,001 $ 7,511 $ (7,124) $ 6,768 $ (51,563) $ (29,407) Three Months Ended June 30, 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 68,827 $ 249,079 $ 88,606 $ 63,556 $ - $ 470,068 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 33,002 207,021 71,377 40,402 - 351,802 Depreciation, depletion, amortization and accretion 33,619 44,621 20,193 8,255 1,431 108,119 General and administrative expenses 12,739 11,804 11,886 13,828 26,451 76,708 Income (loss) from operations (10,533) (14,367) (14,850) 1,071 (27,882) (66,561) Interest income (expense), net - - - 911 (24,244) (23,333) Other expense - - - - (2,156) (2,156) Income (loss) from continuing operations before income taxes $ (10,533) $ (14,367) $ (14,850) $ 1,982 $ (54,282) $ (92,050) Six Months Ended June 30, 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 179,235 $ 507,731 $ 202,721 $ 128,179 $ - $ 1,017,866 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 71,669 390,857 171,065 79,679 - 713,270 Depreciation, depletion, amortization and accretion 58,231 95,078 33,583 14,003 2,797 203,692 General and administrative expenses 26,367 24,328 19,289 27,383 48,349 145,716 Income/(loss) from operations 22,968 (2,532) (21,216) 7,114 (51,146) (44,812) Interest income (expense), net - - - 1,927 (51,708) (49,781) Other expense - - - - (4,117) (4,117) Income/(loss) from continuing operations before income taxes $ 22,968 $ (2,532) $ (21,216) $ 9,041 $ (106,971) $ (98,710) Six Months Ended June 30, 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 137,258 $ 454,058 $ 157,211 $ 122,477 $ - $ 871,004 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 62,060 400,710 132,157 78,861 - 673,788 Depreciation, depletion, amortization and accretion 68,348 93,768 40,782 16,631 2,871 222,400 General and administrative expenses 25,705 23,075 23,167 27,396 52,858 152,201 Loss from operations (18,855) (63,495) (38,895) (411) (55,729) (177,385) Interest income (expense), net - - - 1,701 (49,284) (47,583) Other income - - - - (1,507) (1,507) Income (loss) from continuing operations before income taxes $ (18,855) $ (63,495) $ (38,895) $ 1,290 $ (106,520) $ (226,475) Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total June 30, 2018 $ 578,083 $ 1,553,343 $ 491,859 $ 345,196 $ 52,504 $ 3,020,985 December 31, 2017 $ 662,968 $ 1,501,214 $ 512,256 $ 377,549 $ 56,238 $ 3,110,225 Geographic Segments The Company attributes revenue to various countries based on the location of where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations are as follows (in thousands): Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 United States $ 447,666 $ 402,065 $ 855,213 $ 735,674 Other countries 87,882 68,003 162,653 135,330 Total $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 Long-Lived Assets June 30, 2018 December 31, 2017 United States $ 1,001,738 $ 1,064,823 Other countries 238,965 252,121 Total $ 1,240,703 $ 1,316,944 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | (9) Stock-Based Compensation Plans The Company maintains various stock incentive plans that provide long-term incentives to the Company’s key employees, including officers, directors, consultants and advisors (Eligible Participants). Under the stock incentive plans, the Company may grant incentive stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards or any combination thereof to Eligible Participants. The Company’s total compensation expense related to these plans was approximately $ 16. 3 million and $ 19.7 million for the six months ended June 30, 2018 and 2017 , respectively, which is reflected in general and administrative expenses. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | (10) Income Taxes The Company had $ 30. 7 million of unrecorded tax benefits as of June 30, 2018 and December 31, 2017 , all of which would impact the Company’s effective tax rate if recognized. It is the Company’s policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. The Company continues to evaluate the impact of the Tax Cuts and Jobs Act of 2017 and no revisions were recorded during the six months ended June 30, 2018 . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that could have been outstanding assuming the exercise of stock options and the conversion of restricted stock units. For the three and six months ended June 30, 2018 and 2017, the Company incurred a loss from continuing operations; therefore the impact of any incremental shares would be anti-dilutive. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Information | (12) Supplemental Guarantor Information SESI, L.L.C. (the Issuer), a 100% owned subsidiary of Superior Energy Services, Inc. (Parent), has $500 million of 7 3/4% senior unsecured notes due 2024. The Parent, along with certain of its 100% owned domestic subsidiaries, fully and unconditionally guaranteed such senior unsecured notes, and such guarantees are joint and several. SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 68,807 $ 1,243 $ 48,462 $ - $ 118,512 Accounts receivable, net - (924) 372,274 70,633 - 441,983 Intercompany accounts receivable - 8,920 68,283 5,533 (82,736) - Other current assets - 12,190 153,887 35,876 - 201,953 Total current assets - 88,993 595,687 160,504 (82,736) 762,448 Property, plant and equipment, net - 10,609 1,035,229 194,865 - 1,240,703 Goodwill - - 657,099 149,714 - 806,813 Notes receivable - - 62,041 - - 62,041 Long-term intercompany accounts receivable 2,230,531 - 2,058,093 180,246 (4,468,870) - Equity investments of consolidated subsidiaries (1,177,514) 4,461,755 6,223 - (3,290,464) - Restricted cash - - 11,586 45 - 11,631 Intangible and other long-term assets, net - 21,217 108,503 7,629 - 137,349 Total assets $ 1,053,017 $ 4,582,574 $ 4,534,461 $ 693,003 $ (7,842,070) $ 3,020,985 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 12,184 $ 128,478 $ 21,463 $ - $ 162,125 Accrued expenses 302 103,998 74,908 22,457 - 201,665 Intercompany accounts payable - 724 8,250 73,762 (82,736) - Current portion of decommissioning liabilities - - 20,670 3,486 - 24,156 Total current liabilities 302 116,906 232,306 121,168 (82,736) 387,946 Deferred income taxes - (156,705) 194,992 3,471 - 41,758 Decommissioning liabilities - - 103,088 - - 103,088 Long-term debt, net - 1,281,145 - - - 1,281,145 Long-term intercompany accounts payable - 4,468,870 - - (4,468,870) - Other long-term liabilities - 49,872 78,276 26,185 - 154,333 Total stockholders' equity (deficit) 1,052,715 (1,177,514) 3,925,799 542,179 (3,290,464) 1,052,715 Total liabilities and stockholders' equity $ 1,053,017 $ 4,582,574 $ 4,534,461 $ 693,003 $ (7,842,070) $ 3,020,985 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 126,533 $ 440 $ 45,027 $ - $ 172,000 Accounts receivable, net - - 332,402 70,889 (5,235) 398,056 Income taxes receivable - - (221) 1,180 - 959 Intercompany accounts receivable - 6,460 58,375 5,865 (70,700) - Other current assets - 11,895 129,970 34,295 - 176,160 Assets held for sale - - - 13,644 - 13,644 Total current assets - 144,888 520,966 170,900 (75,935) 760,819 Property, plant and equipment, net - 12,055 1,093,446 211,443 - 1,316,944 Goodwill - - 657,099 150,761 - 807,860 Notes receivable - - 60,149 - - 60,149 Long-term intercompany accounts receivable 2,221,697 - 2,032,056 177,842 (4,431,595) - Equity investments of consolidated subsidiaries (1,088,736) 4,481,702 6,590 - (3,399,556) - Restricted cash - - 20,483 - - 20,483 Intangible and other long-term assets, net - 22,118 113,632 8,220 - 143,970 Total assets $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 14,339 $ 89,714 $ 20,898 $ (5,235) $ 119,716 Accrued expenses 532 116,767 80,825 23,633 - 221,757 Intercompany accounts payable - 724 7,918 62,058 (70,700) - Current portion of decommissioning liabilities - - 25,670 1,591 - 27,261 Liabilities held for sale - - - 6,463 - 6,463 Total current liabilities 532 131,830 204,127 114,643 (75,935) 375,197 Deferred income taxes - (147,116) 205,386 2,788 - 61,058 Decommissioning liabilities - - 101,293 1,843 - 103,136 Long-term debt, net - 1,279,771 - - - 1,279,771 Long-term intercompany accounts payable - 4,431,595 - - (4,431,595) - Other long-term liabilities - 53,419 79,061 26,154 - 158,634 Total stockholders' equity (deficit) 1,132,429 (1,088,736) 3,914,554 573,738 (3,399,556) 1,132,429 Total liabilities and stockholders' equity $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Three Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 473,724 $ 73,289 $ (11,465) $ 535,548 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (2,963) 334,169 50,069 (11,465) 369,810 Depreciation, depletion, amortization and accretion - 990 85,501 11,482 - 97,973 General and administrative expenses - 21,098 35,668 13,130 - 69,896 Loss from operations - (19,125) 18,386 (1,392) - (2,131) Other income (expense): Interest expense, net - (25,884) 980 10 - (24,894) Other income (expense) - (186) 264 (2,460) - (2,382) Equity in losses of consolidated subsidiaries (26,390) 11,361 (200) - 15,229 - Loss from continuing operations before income taxes (26,390) (33,834) 19,430 (3,842) 15,229 (29,407) Income taxes - (7,444) 3,001 473 - (3,970) Net loss from continuing operations (26,390) (26,390) 16,429 (4,315) 15,229 (25,437) Loss from discontinued operations, net of income tax - - - (953) - (953) Net loss $ (26,390) $ (26,390) $ 16,429 $ (5,268) $ 15,229 $ (26,390) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Three Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (26,390) $ (26,390) $ 16,429 $ (5,268) $ 15,229 $ (26,390) Change in cumulative translation adjustment, net of tax (7,053) (7,053) - (7,053) 14,106 (7,053) Comprehensive loss $ (33,443) $ (33,443) $ 16,429 $ (12,321) $ 29,335 $ (33,443) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Three Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 416,328 $ 56,311 $ (2,571) $ 470,068 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 1,500 311,009 41,864 (2,571) 351,802 Depreciation, depletion, amortization and accretion - 1,035 94,031 13,053 - 108,119 General and administrative expenses - 25,948 37,732 13,028 - 76,708 Loss from operations - (28,483) (26,444) (11,634) - (66,561) Other income (expense): Interest expense, net - (24,370) 957 80 - (23,333) Other income (expense) - (311) 206 (2,051) - (2,156) Equity in losses of consolidated subsidiaries (63,806) (24,545) (148) - 88,499 - Loss from continuing operations before income taxes (63,806) (77,709) (25,429) (13,605) 88,499 (92,050) Income taxes - (13,903) (15,278) (830) - (30,011) Net income (loss) from continuing operations (63,806) (63,806) (10,151) (12,775) 88,499 (62,039) Loss from discontinued operations, net of income tax - - - (1,767) - (1,767) Net loss $ (63,806) $ (63,806) $ (10,151) $ (14,542) $ 88,499 $ (63,806) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Three Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (63,806) $ (63,806) $ (10,151) $ (14,542) $ 88,499 $ (63,806) Change in cumulative translation adjustment, net of tax 6,022 6,022 - 6,022 (12,044) 6,022 Comprehensive loss $ (57,784) $ (57,784) $ (10,151) $ (8,520) $ 76,455 $ (57,784) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 908,858 $ 126,548 $ (17,540) $ 1,017,866 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (5,589) 645,233 91,166 (17,540) 713,270 Depreciation, depletion, amortization and accretion - 2,009 178,215 23,468 - 203,692 General and administrative expenses - 46,762 74,357 24,597 - 145,716 Loss from operations - (43,182) 11,053 (12,683) - (44,812) Other income (expense): Interest expense, net - (51,754) 1,947 26 - (49,781) Other income (expense) - (252) 538 (4,403) - (4,117) Equity in losses of consolidated subsidiaries (86,114) (6,109) (368) - 92,591 - Loss from continuing operations before income taxes (86,114) (101,297) 13,170 (17,060) 92,591 (98,710) Income taxes - (15,183) 1,925 (67) - (13,325) Net loss from continuing operations (86,114) (86,114) 11,245 (16,993) 92,591 (85,385) Loss from discontinued operations, net of income tax - - - (729) - (729) Net loss $ (86,114) $ (86,114) $ 11,245 $ (17,722) $ 92,591 $ (86,114) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (86,114) $ (86,114) $ 11,245 $ (17,722) $ 92,591 $ (86,114) Change in cumulative translation adjustment, net of tax (2,665) (2,665) - (2,665) 5,330 (2,665) Comprehensive loss $ (88,779) $ (88,779) $ 11,245 $ (20,387) $ 97,921 $ (88,779) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 770,188 $ 108,499 $ (7,683) $ 871,004 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 2,260 595,969 83,242 (7,683) 673,788 Depreciation, depletion, amortization and accretion - 2,081 194,599 25,720 - 222,400 General and administrative expenses - 51,883 74,876 25,442 - 152,201 Loss from operations - (56,224) (95,256) (25,905) - (177,385) Other income (expense): Interest expense, net - (49,611) 1,759 269 - (47,583) Other income (expense) - (722) 447 (1,232) - (1,507) Equity in losses of consolidated subsidiaries (155,465) (79,107) (208) - 234,780 - Loss from continuing operations before income taxes (155,465) (185,664) (93,258) (26,868) 234,780 (226,475) Income taxes - (30,199) (44,246) (330) - (74,775) Net income (loss) from continuing operations (155,465) (155,465) (49,012) (26,538) 234,780 (151,700) Loss from discontinued operations, net of income tax - - - (3,765) - (3,765) Net loss $ (155,465) $ (155,465) $ (49,012) $ (30,303) $ 234,780 $ (155,465) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (155,465) $ (155,465) $ (49,012) $ (30,303) $ 234,780 $ (155,465) Change in cumulative translation adjustment, net of tax 7,746 7,746 - 7,746 (15,492) 7,746 Comprehensive loss $ (147,719) $ (147,719) $ (49,012) $ (22,557) $ 219,288 $ (147,719) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 12,342 $ (91,600) $ 131,729 $ (1,787) $ (11,269) $ 39,415 Cash flows from investing activities: Payments for capital expenditures - (549) (114,360) (4,932) - (119,841) Proceeds from sales of assets - - 10,150 13,147 - 23,297 Net cash used in investing activities - (549) (104,210) 8,215 - (96,544) Cash flows from financing activities: Intercompany dividends - - - (11,269) 11,269 - Changes in notes with affiliated companies, net (8,834) 34,815 (35,613) 9,632 - - Other (3,508) (392) - - - (3,900) Net cash provided by (used in) financing activities (12,342) 34,423 (35,613) (1,637) 11,269 (3,900) Effect of exchange rate changes on cash - - - (1,311) - (1,311) Net decrease in cash, cash equivalents, and restricted cash - (57,726) (8,094) 3,480 - (62,340) Cash, cash equivalents, and restricted cash at beginning of period - 126,533 20,923 45,027 - 192,483 Cash, cash equivalents, and restricted cash at end of period $ - $ 68,807 $ 12,829 $ 48,507 $ - $ 130,143 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 13,572 $ 11,674 $ (520) $ (7,579) $ 17,147 Cash flows from investing activities: Payments for capital expenditures - (461) (45,506) (10,682) (56,649) Other - - 4,090 - 4,090 Net cash used in investing activities - (461) (41,416) (10,682) (52,559) Cash flows from financing activities: Changes in notes with affiliated companies, net (6,822) (7,812) 11,026 3,608 - Other (6,750) (224) - - (6,974) Net cash used in financing activities (13,572) (8,036) 11,026 3,608 (6,974) Effect of exchange rate changes on cash - - - 2,093 2,093 Net decrease in cash, cash equivalents, and restricted cash - 3,177 (30,910) (12,560) (40,293) Cash, cash equivalents, and restricted cash at beginning of period - 127,445 51,789 66,858 246,092 Cash, cash equivalents, and restricted cash at end of period $ - $ 130,622 $ 20,879 $ 54,298 $ 205,799 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | (13) Discontinued Operations During the six months ended June 30, 2018 , the remaining marine vessels and equipment of the Company’s former subsea construction business were disposed of, resulting in $0.8 million loss on s ale. Loss from discontinued operations for the three and six months ended June 30, 2018 was $1.0 million and $0. 7 million, respectively. Loss from discontinued operations for the three and six months ended June 30, 2017 was $1.8 million and $3.8 million, respectively. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (14) New Accounting Pronouncements Standards adopted In May 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. The guidance in this ASU applies to all entities that change the terms or conditions of a share-based payment award. The amendments provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to the modification of the terms and conditions of a share-based payment award. The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s condensed 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 Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statements of Cash Flows (Topic 230): Restricted Cash. The guidance in this ASU requires 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 Company adopted the accounting guidance as of January 1, 2018 and applied it retrospectively to the periods presented in the Company’s condensed consolidated statements of cash flows. For the six months ended June 30, 2017, net cash used in investing activities was adjusted to exclude the change in restricted cash related to cash held in escrow for the future decommissioning obligations associated with an oil and gas property. The adjustment resulted in a $30.6 million decrease in net cash used in investing activities for the six months ended June 30, 2018 . 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 ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The Company adopted the accounting guidance as of January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which replaced most existing revenue recognition guidance in GAAP. The guidance in this ASU 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 Company adopted the accounting guidance as of January 1, 2018. The Company adopted this ASU using the modified retrospective adoption method. There was no impact on the condensed consolidated financial statements and no cumulative effect adjustment was recognized. Standards not yet adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet. This new ASU 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. The Company is evaluating the effect ASU 2016-02 will have on its condensed 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. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Disaggregation Of Revenues | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 U.S. land Drilling Products and Services $ 43,394 $ 27,770 $ 84,111 $ 48,932 Onshore Completion and Workover Services 276,242 249,079 507,731 454,058 Production Services 47,944 33,062 100,401 56,497 Technical Solutions 7,858 7,921 14,691 17,006 Total U.S. land $ 375,438 $ 317,832 $ 706,934 $ 576,493 Gulf of Mexico Drilling Products and Services $ 23,261 $ 22,266 $ 44,250 $ 45,751 Onshore Completion and Workover Services - - - - Production Services 13,634 19,937 31,134 37,683 Technical Solutions 35,333 42,030 72,895 75,747 Total Gulf of Mexico $ 72,228 $ 84,233 $ 148,279 $ 159,181 International Drilling Products and Services $ 27,378 $ 18,791 $ 50,874 $ 42,575 Onshore Completion and Workover Services - - - - Production Services 40,426 35,607 71,186 63,031 Technical Solutions 20,078 13,605 40,593 29,724 Total International $ 87,882 $ 68,003 $ 162,653 $ 135,330 Total Revenues $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 The following table presents the Company’s revenues by segment disaggregated by type (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Services Drilling Products and Services $ 27,461 $ 19,629 $ 51,466 $ 36,500 Onshore Completion and Workover Services 266,071 240,461 487,418 439,907 Production Services 93,678 82,575 188,292 145,857 Technical Solutions 59,602 61,466 119,404 116,317 Total services $ 446,812 $ 404,131 $ 846,580 $ 738,581 Rentals Drilling Products and Services $ 66,572 $ 49,198 $ 127,769 $ 100,758 Onshore Completion and Workover Services 10,171 8,618 20,313 14,151 Production Services 8,326 6,031 14,429 11,354 Technical Solutions 3,667 2,090 8,775 6,160 Total rentals $ 88,736 $ 65,937 $ 171,286 $ 132,423 Total Revenues $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory [Abstract] | |
Components Of Inventory | June 30, 2018 December 31, 2017 Finished goods $ 72,884 $ 61,764 Raw materials 14,955 13,727 Work-in-process 10,051 6,174 Supplies and consumables 26,309 24,923 Total $ 124,199 $ 106,588 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt [Abstract] | |
Schedule Of Long-Term Debt | June 30, 2018 December 31, 2017 Long-term Long-term Senior unsecured notes due September 2024 $ 500,000 $ 500,000 Senior unsecured notes due December 2021 800,000 800,000 Total debt, gross 1,300,000 1,300,000 Unamortized debt issuance costs (18,855) (20,229) Total debt, net $ 1,281,145 $ 1,279,771 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair Value at June 30, 2018 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 373 $ 13,904 $ - $ 14,277 Accounts payable Non-qualified deferred compensation liabilities $ - $ 1,163 $ - $ 1,163 Other long-term liabilities Non-qualified deferred compensation liabilities $ - $ 21,081 $ - $ 21,081 Fair Value at December 31, 2017 Level 1 Level 2 Level 3 Total Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 370 $ 13,817 $ - $ 14,187 Accounts payable Non-qualified deferred compensation liabilities $ - $ 1,253 $ - $ 1,253 Other long-term liabilities Non-qualified deferred compensation liabilities $ - $ 21,085 $ - $ 21,085 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Information [Abstract] | |
Schedule Of Segment Reporting Information By Segment | Three Months Ended June 30, 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 94,033 $ 276,242 $ 102,004 $ 63,269 $ - $ 535,548 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 36,599 210,206 85,129 37,876 - 369,810 Depreciation, depletion, amortization and accretion 28,590 47,423 14,303 6,273 1,384 97,973 General and administrative expenses 13,843 11,102 9,696 13,323 21,932 69,896 Income (loss) from operations 15,001 7,511 (7,124) 5,797 (23,316) (2,131) Interest income (expense), net - - - 971 (25,865) (24,894) Other expense - - - - (2,382) (2,382) Income (loss) from continuing operations before income taxes $ 15,001 $ 7,511 $ (7,124) $ 6,768 $ (51,563) $ (29,407) Three Months Ended June 30, 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 68,827 $ 249,079 $ 88,606 $ 63,556 $ - $ 470,068 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 33,002 207,021 71,377 40,402 - 351,802 Depreciation, depletion, amortization and accretion 33,619 44,621 20,193 8,255 1,431 108,119 General and administrative expenses 12,739 11,804 11,886 13,828 26,451 76,708 Income (loss) from operations (10,533) (14,367) (14,850) 1,071 (27,882) (66,561) Interest income (expense), net - - - 911 (24,244) (23,333) Other expense - - - - (2,156) (2,156) Income (loss) from continuing operations before income taxes $ (10,533) $ (14,367) $ (14,850) $ 1,982 $ (54,282) $ (92,050) Six Months Ended June 30, 2018 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 179,235 $ 507,731 $ 202,721 $ 128,179 $ - $ 1,017,866 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 71,669 390,857 171,065 79,679 - 713,270 Depreciation, depletion, amortization and accretion 58,231 95,078 33,583 14,003 2,797 203,692 General and administrative expenses 26,367 24,328 19,289 27,383 48,349 145,716 Income/(loss) from operations 22,968 (2,532) (21,216) 7,114 (51,146) (44,812) Interest income (expense), net - - - 1,927 (51,708) (49,781) Other expense - - - - (4,117) (4,117) Income/(loss) from continuing operations before income taxes $ 22,968 $ (2,532) $ (21,216) $ 9,041 $ (106,971) $ (98,710) Six Months Ended June 30, 2017 Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total Revenues $ 137,258 $ 454,058 $ 157,211 $ 122,477 $ - $ 871,004 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) 62,060 400,710 132,157 78,861 - 673,788 Depreciation, depletion, amortization and accretion 68,348 93,768 40,782 16,631 2,871 222,400 General and administrative expenses 25,705 23,075 23,167 27,396 52,858 152,201 Loss from operations (18,855) (63,495) (38,895) (411) (55,729) (177,385) Interest income (expense), net - - - 1,701 (49,284) (47,583) Other income - - - - (1,507) (1,507) Income (loss) from continuing operations before income taxes $ (18,855) $ (63,495) $ (38,895) $ 1,290 $ (106,520) $ (226,475) |
Identifiable Assets | Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Corporate and Consolidated Services Services Services Solutions Other Total June 30, 2018 $ 578,083 $ 1,553,343 $ 491,859 $ 345,196 $ 52,504 $ 3,020,985 December 31, 2017 $ 662,968 $ 1,501,214 $ 512,256 $ 377,549 $ 56,238 $ 3,110,225 |
Revenue By Geographic Area | Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 United States $ 447,666 $ 402,065 $ 855,213 $ 735,674 Other countries 87,882 68,003 162,653 135,330 Total $ 535,548 $ 470,068 $ 1,017,866 $ 871,004 Long-Lived Assets June 30, 2018 December 31, 2017 United States $ 1,001,738 $ 1,064,823 Other countries 238,965 252,121 Total $ 1,240,703 $ 1,316,944 |
Supplemental Guarantor Inform26
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Balance Sheets | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 68,807 $ 1,243 $ 48,462 $ - $ 118,512 Accounts receivable, net - (924) 372,274 70,633 - 441,983 Intercompany accounts receivable - 8,920 68,283 5,533 (82,736) - Other current assets - 12,190 153,887 35,876 - 201,953 Total current assets - 88,993 595,687 160,504 (82,736) 762,448 Property, plant and equipment, net - 10,609 1,035,229 194,865 - 1,240,703 Goodwill - - 657,099 149,714 - 806,813 Notes receivable - - 62,041 - - 62,041 Long-term intercompany accounts receivable 2,230,531 - 2,058,093 180,246 (4,468,870) - Equity investments of consolidated subsidiaries (1,177,514) 4,461,755 6,223 - (3,290,464) - Restricted cash - - 11,586 45 - 11,631 Intangible and other long-term assets, net - 21,217 108,503 7,629 - 137,349 Total assets $ 1,053,017 $ 4,582,574 $ 4,534,461 $ 693,003 $ (7,842,070) $ 3,020,985 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 12,184 $ 128,478 $ 21,463 $ - $ 162,125 Accrued expenses 302 103,998 74,908 22,457 - 201,665 Intercompany accounts payable - 724 8,250 73,762 (82,736) - Current portion of decommissioning liabilities - - 20,670 3,486 - 24,156 Total current liabilities 302 116,906 232,306 121,168 (82,736) 387,946 Deferred income taxes - (156,705) 194,992 3,471 - 41,758 Decommissioning liabilities - - 103,088 - - 103,088 Long-term debt, net - 1,281,145 - - - 1,281,145 Long-term intercompany accounts payable - 4,468,870 - - (4,468,870) - Other long-term liabilities - 49,872 78,276 26,185 - 154,333 Total stockholders' equity (deficit) 1,052,715 (1,177,514) 3,925,799 542,179 (3,290,464) 1,052,715 Total liabilities and stockholders' equity $ 1,053,017 $ 4,582,574 $ 4,534,461 $ 693,003 $ (7,842,070) $ 3,020,985 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Balance Sheets December 31, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ - $ 126,533 $ 440 $ 45,027 $ - $ 172,000 Accounts receivable, net - - 332,402 70,889 (5,235) 398,056 Income taxes receivable - - (221) 1,180 - 959 Intercompany accounts receivable - 6,460 58,375 5,865 (70,700) - Other current assets - 11,895 129,970 34,295 - 176,160 Assets held for sale - - - 13,644 - 13,644 Total current assets - 144,888 520,966 170,900 (75,935) 760,819 Property, plant and equipment, net - 12,055 1,093,446 211,443 - 1,316,944 Goodwill - - 657,099 150,761 - 807,860 Notes receivable - - 60,149 - - 60,149 Long-term intercompany accounts receivable 2,221,697 - 2,032,056 177,842 (4,431,595) - Equity investments of consolidated subsidiaries (1,088,736) 4,481,702 6,590 - (3,399,556) - Restricted cash - - 20,483 - - 20,483 Intangible and other long-term assets, net - 22,118 113,632 8,220 - 143,970 Total assets $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ - $ 14,339 $ 89,714 $ 20,898 $ (5,235) $ 119,716 Accrued expenses 532 116,767 80,825 23,633 - 221,757 Intercompany accounts payable - 724 7,918 62,058 (70,700) - Current portion of decommissioning liabilities - - 25,670 1,591 - 27,261 Liabilities held for sale - - - 6,463 - 6,463 Total current liabilities 532 131,830 204,127 114,643 (75,935) 375,197 Deferred income taxes - (147,116) 205,386 2,788 - 61,058 Decommissioning liabilities - - 101,293 1,843 - 103,136 Long-term debt, net - 1,279,771 - - - 1,279,771 Long-term intercompany accounts payable - 4,431,595 - - (4,431,595) - Other long-term liabilities - 53,419 79,061 26,154 - 158,634 Total stockholders' equity (deficit) 1,132,429 (1,088,736) 3,914,554 573,738 (3,399,556) 1,132,429 Total liabilities and stockholders' equity $ 1,132,961 $ 4,660,763 $ 4,504,421 $ 719,166 $ (7,907,086) $ 3,110,225 |
Condensed Consolidating Statements of Operations And Comprehensive Income | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Three Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 473,724 $ 73,289 $ (11,465) $ 535,548 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (2,963) 334,169 50,069 (11,465) 369,810 Depreciation, depletion, amortization and accretion - 990 85,501 11,482 - 97,973 General and administrative expenses - 21,098 35,668 13,130 - 69,896 Loss from operations - (19,125) 18,386 (1,392) - (2,131) Other income (expense): Interest expense, net - (25,884) 980 10 - (24,894) Other income (expense) - (186) 264 (2,460) - (2,382) Equity in losses of consolidated subsidiaries (26,390) 11,361 (200) - 15,229 - Loss from continuing operations before income taxes (26,390) (33,834) 19,430 (3,842) 15,229 (29,407) Income taxes - (7,444) 3,001 473 - (3,970) Net loss from continuing operations (26,390) (26,390) 16,429 (4,315) 15,229 (25,437) Loss from discontinued operations, net of income tax - - - (953) - (953) Net loss $ (26,390) $ (26,390) $ 16,429 $ (5,268) $ 15,229 $ (26,390) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Three Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (26,390) $ (26,390) $ 16,429 $ (5,268) $ 15,229 $ (26,390) Change in cumulative translation adjustment, net of tax (7,053) (7,053) - (7,053) 14,106 (7,053) Comprehensive loss $ (33,443) $ (33,443) $ 16,429 $ (12,321) $ 29,335 $ (33,443) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Three Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 416,328 $ 56,311 $ (2,571) $ 470,068 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 1,500 311,009 41,864 (2,571) 351,802 Depreciation, depletion, amortization and accretion - 1,035 94,031 13,053 - 108,119 General and administrative expenses - 25,948 37,732 13,028 - 76,708 Loss from operations - (28,483) (26,444) (11,634) - (66,561) Other income (expense): Interest expense, net - (24,370) 957 80 - (23,333) Other income (expense) - (311) 206 (2,051) - (2,156) Equity in losses of consolidated subsidiaries (63,806) (24,545) (148) - 88,499 - Loss from continuing operations before income taxes (63,806) (77,709) (25,429) (13,605) 88,499 (92,050) Income taxes - (13,903) (15,278) (830) - (30,011) Net income (loss) from continuing operations (63,806) (63,806) (10,151) (12,775) 88,499 (62,039) Loss from discontinued operations, net of income tax - - - (1,767) - (1,767) Net loss $ (63,806) $ (63,806) $ (10,151) $ (14,542) $ 88,499 $ (63,806) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Three Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (63,806) $ (63,806) $ (10,151) $ (14,542) $ 88,499 $ (63,806) Change in cumulative translation adjustment, net of tax 6,022 6,022 - 6,022 (12,044) 6,022 Comprehensive loss $ (57,784) $ (57,784) $ (10,151) $ (8,520) $ 76,455 $ (57,784) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 908,858 $ 126,548 $ (17,540) $ 1,017,866 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - (5,589) 645,233 91,166 (17,540) 713,270 Depreciation, depletion, amortization and accretion - 2,009 178,215 23,468 - 203,692 General and administrative expenses - 46,762 74,357 24,597 - 145,716 Loss from operations - (43,182) 11,053 (12,683) - (44,812) Other income (expense): Interest expense, net - (51,754) 1,947 26 - (49,781) Other income (expense) - (252) 538 (4,403) - (4,117) Equity in losses of consolidated subsidiaries (86,114) (6,109) (368) - 92,591 - Loss from continuing operations before income taxes (86,114) (101,297) 13,170 (17,060) 92,591 (98,710) Income taxes - (15,183) 1,925 (67) - (13,325) Net loss from continuing operations (86,114) (86,114) 11,245 (16,993) 92,591 (85,385) Loss from discontinued operations, net of income tax - - - (729) - (729) Net loss $ (86,114) $ (86,114) $ 11,245 $ (17,722) $ 92,591 $ (86,114) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (86,114) $ (86,114) $ 11,245 $ (17,722) $ 92,591 $ (86,114) Change in cumulative translation adjustment, net of tax (2,665) (2,665) - (2,665) 5,330 (2,665) Comprehensive loss $ (88,779) $ (88,779) $ 11,245 $ (20,387) $ 97,921 $ (88,779) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Operations Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Revenues $ - $ - $ 770,188 $ 108,499 $ (7,683) $ 871,004 Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) - 2,260 595,969 83,242 (7,683) 673,788 Depreciation, depletion, amortization and accretion - 2,081 194,599 25,720 - 222,400 General and administrative expenses - 51,883 74,876 25,442 - 152,201 Loss from operations - (56,224) (95,256) (25,905) - (177,385) Other income (expense): Interest expense, net - (49,611) 1,759 269 - (47,583) Other income (expense) - (722) 447 (1,232) - (1,507) Equity in losses of consolidated subsidiaries (155,465) (79,107) (208) - 234,780 - Loss from continuing operations before income taxes (155,465) (185,664) (93,258) (26,868) 234,780 (226,475) Income taxes - (30,199) (44,246) (330) - (74,775) Net income (loss) from continuing operations (155,465) (155,465) (49,012) (26,538) 234,780 (151,700) Loss from discontinued operations, net of income tax - - - (3,765) - (3,765) Net loss $ (155,465) $ (155,465) $ (49,012) $ (30,303) $ 234,780 $ (155,465) SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Consolidating Statements of Comprehensive Loss Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Net loss $ (155,465) $ (155,465) $ (49,012) $ (30,303) $ 234,780 $ (155,465) Change in cumulative translation adjustment, net of tax 7,746 7,746 - 7,746 (15,492) 7,746 Comprehensive loss $ (147,719) $ (147,719) $ (49,012) $ (22,557) $ 219,288 $ (147,719) |
Condensed Consolidating Statements Of Cash Flows | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 12,342 $ (91,600) $ 131,729 $ (1,787) $ (11,269) $ 39,415 Cash flows from investing activities: Payments for capital expenditures - (549) (114,360) (4,932) - (119,841) Proceeds from sales of assets - - 10,150 13,147 - 23,297 Net cash used in investing activities - (549) (104,210) 8,215 - (96,544) Cash flows from financing activities: Intercompany dividends - - - (11,269) 11,269 - Changes in notes with affiliated companies, net (8,834) 34,815 (35,613) 9,632 - - Other (3,508) (392) - - - (3,900) Net cash provided by (used in) financing activities (12,342) 34,423 (35,613) (1,637) 11,269 (3,900) Effect of exchange rate changes on cash - - - (1,311) - (1,311) Net decrease in cash, cash equivalents, and restricted cash - (57,726) (8,094) 3,480 - (62,340) Cash, cash equivalents, and restricted cash at beginning of period - 126,533 20,923 45,027 - 192,483 Cash, cash equivalents, and restricted cash at end of period $ - $ 68,807 $ 12,829 $ 48,507 $ - $ 130,143 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2017 (in thousands) (unaudited) Parent Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 13,572 $ 11,674 $ (520) $ (7,579) $ 17,147 Cash flows from investing activities: Payments for capital expenditures - (461) (45,506) (10,682) (56,649) Other - - 4,090 - 4,090 Net cash used in investing activities - (461) (41,416) (10,682) (52,559) Cash flows from financing activities: Changes in notes with affiliated companies, net (6,822) (7,812) 11,026 3,608 - Other (6,750) (224) - - (6,974) Net cash used in financing activities (13,572) (8,036) 11,026 3,608 (6,974) Effect of exchange rate changes on cash - - - 2,093 2,093 Net decrease in cash, cash equivalents, and restricted cash - 3,177 (30,910) (12,560) (40,293) Cash, cash equivalents, and restricted cash at beginning of period - 127,445 51,789 66,858 246,092 Cash, cash equivalents, and restricted cash at end of period $ - $ 130,622 $ 20,879 $ 54,298 $ 205,799 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue [Abstract] | |
Revenue performance obligation period | 30 days |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 |
Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 94,033 | 68,827 | 179,235 | 137,258 |
Onshore Completion and Workover Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 276,242 | 249,079 | 507,731 | 454,058 |
Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 102,004 | 88,606 | 202,721 | 157,211 |
Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 63,269 | 63,556 | 128,179 | 122,477 |
U.S. Land [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 375,438 | 317,832 | 706,934 | 576,493 |
U.S. Land [Member] | Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 43,394 | 27,770 | 84,111 | 48,932 |
U.S. Land [Member] | Onshore Completion and Workover Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 276,242 | 249,079 | 507,731 | 454,058 |
U.S. Land [Member] | Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 47,944 | 33,062 | 100,401 | 56,497 |
U.S. Land [Member] | Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,858 | 7,921 | 14,691 | 17,006 |
Gulf Of Mexico [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 72,228 | 84,233 | 148,279 | 159,181 |
Gulf Of Mexico [Member] | Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 23,261 | 22,266 | 44,250 | 45,751 |
Gulf Of Mexico [Member] | Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 13,634 | 19,937 | 31,134 | 37,683 |
Gulf Of Mexico [Member] | Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 35,333 | 42,030 | 72,895 | 75,747 |
International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 87,882 | 68,003 | 162,653 | 135,330 |
International [Member] | Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 27,378 | 18,791 | 50,874 | 42,575 |
International [Member] | Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 40,426 | 35,607 | 71,186 | 63,031 |
International [Member] | Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 20,078 | $ 13,605 | $ 40,593 | $ 29,724 |
Revenue (Disaggregation Of Re29
Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 |
Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 94,033 | 68,827 | 179,235 | 137,258 |
Onshore Completion and Workover Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 276,242 | 249,079 | 507,731 | 454,058 |
Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 102,004 | 88,606 | 202,721 | 157,211 |
Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 63,269 | 63,556 | 128,179 | 122,477 |
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 446,812 | 404,131 | 846,580 | 738,581 |
Services [Member] | Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 27,461 | 19,629 | 51,466 | 36,500 |
Services [Member] | Onshore Completion and Workover Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 266,071 | 240,461 | 487,418 | 439,907 |
Services [Member] | Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 93,678 | 82,575 | 188,292 | 145,857 |
Services [Member] | Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 59,602 | 61,466 | 119,404 | 116,317 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 88,736 | 65,937 | 171,286 | 132,423 |
Rentals [Member] | Drilling Products and Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 66,572 | 49,198 | 127,769 | 100,758 |
Rentals [Member] | Onshore Completion and Workover Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 10,171 | 8,618 | 20,313 | 14,151 |
Rentals [Member] | Production Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,326 | 6,031 | 14,429 | 11,354 |
Rentals [Member] | Technical Solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 3,667 | $ 2,090 | $ 8,775 | $ 6,160 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory [Abstract] | ||
Finished Goods | $ 72,884 | $ 61,764 |
Raw materials | 14,955 | 13,727 |
Work-in-process | 10,051 | 6,174 |
Supplies and consumables | 26,309 | 24,923 |
Total | $ 124,199 | $ 106,588 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Notes Receivable [Abstract] | ||
Amount of notes receivable | $ 115 | |
Interest rate percentage to record present value of notes receivable | 6.58% | |
Company recorded interest income | $ 1.9 | $ 1.7 |
Decommissioning Liabilities (De
Decommissioning Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Summary of the activity for the Company's decommissioning liabilities | ||
Decommissioning liabilities | $ 127.2 | $ 130.4 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Jun. 30, 2018USD ($) |
Debt Instrument [Line Items] | |
Current borrowing capacity | $ 263,000,000 |
Letters of Credit Outstanding, Amount | 37,900,000 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 300,000,000 |
Senior Unsecured Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt issuance | $ 800,000,000 |
Stated interest rate on unsecured senior notes | 7.125% |
Senior Unsecured Notes Due 2024 [Member] | |
Debt Instrument [Line Items] | |
Debt issuance | $ 500,000,000 |
Stated interest rate on unsecured senior notes | 7.75% |
Debt (Schedule Of Long Term Deb
Debt (Schedule Of Long Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt, gross | $ 1,300,000 | $ 1,300,000 |
Unamortized debt issuance costs | (18,855) | (20,229) |
Total debt, net | 1,281,145 | 1,279,771 |
Senior Unsecured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, gross | 500,000 | 500,000 |
Senior Unsecured Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, gross | $ 800,000 | $ 800,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Measurements [Abstract] | ||
Fair value of long term debt | $ 1,321 | $ 1,347 |
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets, net | $ 14,277 | $ 14,187 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 1,163 | 1,253 |
Other long-term liabilities | 21,081 | 21,085 |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets, net | 373 | 370 |
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Other long-term liabilities | ||
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets, net | 13,904 | 13,817 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 1,163 | 1,253 |
Other long-term liabilities | 21,081 | 21,085 |
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets, net | ||
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Other long-term liabilities |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information By Segment And Identifiable Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 | |
Cost of services and rentals (exclusive of depreciation, depletion, amortization, and accretion) | 369,810 | 351,802 | 713,270 | 673,788 | |
Depreciation, depletion, amortization and accretion | 97,973 | 108,119 | 203,692 | 222,400 | |
General and administrative expenses | 69,896 | 76,708 | 145,716 | 152,201 | |
Loss from operations | (2,131) | (66,561) | (44,812) | (177,385) | |
Interest income (expense), net | (24,894) | (23,333) | (49,781) | (47,583) | |
Other expense | (2,382) | (2,156) | (4,117) | (1,507) | |
Loss from continuing operations before income taxes | (29,407) | (92,050) | (98,710) | (226,475) | |
Identifiable Assets | 3,020,985 | 3,020,985 | $ 3,110,225 | ||
Drilling Products and Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 94,033 | 68,827 | 179,235 | 137,258 | |
Cost of services and rentals (exclusive of depreciation, depletion, amortization, and accretion) | 36,599 | 33,002 | 71,669 | 62,060 | |
Depreciation, depletion, amortization and accretion | 28,590 | 33,619 | 58,231 | 68,348 | |
General and administrative expenses | 13,843 | 12,739 | 26,367 | 25,705 | |
Loss from operations | 15,001 | (10,533) | 22,968 | (18,855) | |
Loss from continuing operations before income taxes | 15,001 | (10,533) | 22,968 | (18,855) | |
Identifiable Assets | 578,083 | 578,083 | 662,968 | ||
Onshore Completion and Workover Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 276,242 | 249,079 | 507,731 | 454,058 | |
Cost of services and rentals (exclusive of depreciation, depletion, amortization, and accretion) | 210,206 | 207,021 | 390,857 | 400,710 | |
Depreciation, depletion, amortization and accretion | 47,423 | 44,621 | 95,078 | 93,768 | |
General and administrative expenses | 11,102 | 11,804 | 24,328 | 23,075 | |
Loss from operations | 7,511 | (14,367) | (2,532) | (63,495) | |
Loss from continuing operations before income taxes | 7,511 | (14,367) | (2,532) | (63,495) | |
Identifiable Assets | 1,553,343 | 1,553,343 | 1,501,214 | ||
Production Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 102,004 | 88,606 | 202,721 | 157,211 | |
Cost of services and rentals (exclusive of depreciation, depletion, amortization, and accretion) | 85,129 | 71,377 | 171,065 | 132,157 | |
Depreciation, depletion, amortization and accretion | 14,303 | 20,193 | 33,583 | 40,782 | |
General and administrative expenses | 9,696 | 11,886 | 19,289 | 23,167 | |
Loss from operations | (7,124) | (14,850) | (21,216) | (38,895) | |
Loss from continuing operations before income taxes | (7,124) | (14,850) | (21,216) | (38,895) | |
Identifiable Assets | 491,859 | 491,859 | 512,256 | ||
Technical Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 63,269 | 63,556 | 128,179 | 122,477 | |
Cost of services and rentals (exclusive of depreciation, depletion, amortization, and accretion) | 37,876 | 40,402 | 79,679 | 78,861 | |
Depreciation, depletion, amortization and accretion | 6,273 | 8,255 | 14,003 | 16,631 | |
General and administrative expenses | 13,323 | 13,828 | 27,383 | 27,396 | |
Loss from operations | 5,797 | 1,071 | 7,114 | (411) | |
Interest income (expense), net | 971 | 911 | 1,927 | 1,701 | |
Loss from continuing operations before income taxes | 6,768 | 1,982 | 9,041 | 1,290 | |
Identifiable Assets | 345,196 | 345,196 | 377,549 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation, depletion, amortization and accretion | 1,384 | 1,431 | 2,797 | 2,871 | |
General and administrative expenses | 21,932 | 26,451 | 48,349 | 52,858 | |
Loss from operations | (23,316) | (27,882) | (51,146) | (55,729) | |
Interest income (expense), net | (25,865) | (24,244) | (51,708) | (49,284) | |
Other expense | (2,382) | (2,156) | (4,117) | (1,507) | |
Loss from continuing operations before income taxes | (51,563) | $ (54,282) | (106,971) | $ (106,520) | |
Identifiable Assets | $ 52,504 | $ 52,504 | $ 56,238 |
Segment Information (Revenue By
Segment Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 | |
Long-lived assets | 1,240,703 | 1,240,703 | $ 1,316,944 | ||
United States [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 447,666 | 402,065 | 855,213 | 735,674 | |
Long-lived assets | 1,001,738 | 1,001,738 | 1,064,823 | ||
International [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 87,882 | $ 68,003 | 162,653 | $ 135,330 | |
Long-lived assets | $ 238,965 | $ 238,965 | $ 252,121 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Awards, Excluding ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 16.3 | $ 19.7 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Unrecorded tax benefits | $ 30.7 | $ 30.7 |
Supplemental Guarantor Inform41
Supplemental Guarantor Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary ownership | 100.00% |
Unsecured Senior Notes Due 2024 [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Unsecured senior notes | $ 500,000 |
Stated interest rate on unsecured senior notes | 7.75% |
Supplemental Guarantor Inform42
Supplemental Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 118,512 | $ 172,000 |
Accounts receivable, net | 441,983 | 398,056 |
Income taxes receivable | 959 | |
Other current assets | 201,953 | 176,160 |
Assets held for sale | 13,644 | |
Total current assets | 762,448 | 760,819 |
Property, plant and equipment, net | 1,240,703 | 1,316,944 |
Goodwill | 806,813 | 807,860 |
Notes receivable | 62,041 | 60,149 |
Restricted cash | 11,631 | 20,483 |
Intangible and other long-term assets, net | 137,349 | 143,970 |
Total assets | 3,020,985 | 3,110,225 |
Current liabilities: | ||
Accounts payable | 162,125 | 119,716 |
Accrued expenses | 201,665 | 221,757 |
Current portion of decommissioning liabilities | 24,156 | 27,261 |
Liabilities held for sale | 6,463 | |
Total current liabilities | 387,946 | 375,197 |
Deferred income taxes | 41,758 | 61,058 |
Decommissioning liabilities | 103,088 | 103,136 |
Long-term debt, net | 1,281,145 | 1,279,771 |
Other long-term liabilities | 154,333 | 158,634 |
Total stockholders' equity | 1,052,715 | 1,132,429 |
Total liabilities and stockholders' equity | 3,020,985 | 3,110,225 |
Eliminations [Member] | ||
Current assets: | ||
Accounts receivable, net | (5,235) | |
Intercompany accounts receivable | (82,736) | (70,700) |
Total current assets | (82,736) | (75,935) |
Long-term intercompany accounts receivable | (4,468,870) | (4,431,595) |
Equity investments of consolidated subsidiaries | (3,290,464) | (3,399,556) |
Total assets | (7,842,070) | (7,907,086) |
Current liabilities: | ||
Accounts payable | (5,235) | |
Intercompany accounts payable | (82,736) | (70,700) |
Total current liabilities | (82,736) | (75,935) |
Long-term intercompany accounts payable | (4,468,870) | (4,431,595) |
Total stockholders' equity | (3,290,464) | (3,399,556) |
Total liabilities and stockholders' equity | (7,842,070) | (7,907,086) |
Parent [Member] | ||
Current assets: | ||
Long-term intercompany accounts receivable | 2,230,531 | 2,221,697 |
Equity investments of consolidated subsidiaries | (1,177,514) | (1,088,736) |
Total assets | 1,053,017 | 1,132,961 |
Current liabilities: | ||
Accrued expenses | 302 | 532 |
Total current liabilities | 302 | 532 |
Total stockholders' equity | 1,052,715 | 1,132,429 |
Total liabilities and stockholders' equity | 1,053,017 | 1,132,961 |
Issuer [Member] | ||
Current assets: | ||
Cash and cash equivalents | 68,807 | 126,533 |
Accounts receivable, net | (924) | |
Intercompany accounts receivable | 8,920 | 6,460 |
Other current assets | 12,190 | 11,895 |
Total current assets | 88,993 | 144,888 |
Property, plant and equipment, net | 10,609 | 12,055 |
Equity investments of consolidated subsidiaries | 4,461,755 | 4,481,702 |
Intangible and other long-term assets, net | 21,217 | 22,118 |
Total assets | 4,582,574 | 4,660,763 |
Current liabilities: | ||
Accounts payable | 12,184 | 14,339 |
Accrued expenses | 103,998 | 116,767 |
Intercompany accounts payable | 724 | 724 |
Total current liabilities | 116,906 | 131,830 |
Deferred income taxes | (156,705) | (147,116) |
Long-term debt, net | 1,281,145 | 1,279,771 |
Long-term intercompany accounts payable | 4,468,870 | 4,431,595 |
Other long-term liabilities | 49,872 | 53,419 |
Total stockholders' equity | (1,177,514) | (1,088,736) |
Total liabilities and stockholders' equity | 4,582,574 | 4,660,763 |
Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,243 | 440 |
Accounts receivable, net | 372,274 | 332,402 |
Income taxes receivable | (221) | |
Intercompany accounts receivable | 68,283 | 58,375 |
Other current assets | 153,887 | 129,970 |
Total current assets | 595,687 | 520,966 |
Property, plant and equipment, net | 1,035,229 | 1,093,446 |
Goodwill | 657,099 | 657,099 |
Notes receivable | 62,041 | 60,149 |
Long-term intercompany accounts receivable | 2,058,093 | 2,032,056 |
Equity investments of consolidated subsidiaries | 6,223 | 6,590 |
Restricted cash | 11,586 | 20,483 |
Intangible and other long-term assets, net | 108,503 | 113,632 |
Total assets | 4,534,461 | 4,504,421 |
Current liabilities: | ||
Accounts payable | 128,478 | 89,714 |
Accrued expenses | 74,908 | 80,825 |
Intercompany accounts payable | 8,250 | 7,918 |
Current portion of decommissioning liabilities | 20,670 | 25,670 |
Total current liabilities | 232,306 | 204,127 |
Deferred income taxes | 194,992 | 205,386 |
Decommissioning liabilities | 103,088 | 101,293 |
Other long-term liabilities | 78,276 | 79,061 |
Total stockholders' equity | 3,925,799 | 3,914,554 |
Total liabilities and stockholders' equity | 4,534,461 | 4,504,421 |
Non-Guarantor Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | 48,462 | 45,027 |
Accounts receivable, net | 70,633 | 70,889 |
Income taxes receivable | 1,180 | |
Intercompany accounts receivable | 5,533 | 5,865 |
Other current assets | 35,876 | 34,295 |
Assets held for sale | 13,644 | |
Total current assets | 160,504 | 170,900 |
Property, plant and equipment, net | 194,865 | 211,443 |
Goodwill | 149,714 | 150,761 |
Long-term intercompany accounts receivable | 180,246 | 177,842 |
Restricted cash | 45 | |
Intangible and other long-term assets, net | 7,629 | 8,220 |
Total assets | 693,003 | 719,166 |
Current liabilities: | ||
Accounts payable | 21,463 | 20,898 |
Accrued expenses | 22,457 | 23,633 |
Intercompany accounts payable | 73,762 | 62,058 |
Current portion of decommissioning liabilities | 3,486 | 1,591 |
Liabilities held for sale | 6,463 | |
Total current liabilities | 121,168 | 114,643 |
Deferred income taxes | 3,471 | 2,788 |
Decommissioning liabilities | 1,843 | |
Other long-term liabilities | 26,185 | 26,154 |
Total stockholders' equity | 542,179 | 573,738 |
Total liabilities and stockholders' equity | $ 693,003 | $ 719,166 |
Supplemental Guarantor Inform43
Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 535,548 | $ 470,068 | $ 1,017,866 | $ 871,004 |
Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) | 369,810 | 351,802 | 713,270 | 673,788 |
Depreciation, depletion, amortization and accretion | 97,973 | 108,119 | 203,692 | 222,400 |
General and administrative expenses | 69,896 | 76,708 | 145,716 | 152,201 |
Loss from operations | (2,131) | (66,561) | (44,812) | (177,385) |
Other income (expense): | ||||
Interest expense, net | (24,894) | (23,333) | (49,781) | (47,583) |
Other income (expense) | (2,382) | (2,156) | (4,117) | (1,507) |
Loss from continuing operations before income taxes | (29,407) | (92,050) | (98,710) | (226,475) |
Income taxes | (3,970) | (30,011) | (13,325) | (74,775) |
Net loss from continuing operations | (25,437) | (62,039) | (85,385) | (151,700) |
Loss from discontinued operations, net of income tax | (953) | (1,767) | (729) | (3,765) |
Net loss | (26,390) | (63,806) | (86,114) | (155,465) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | (11,465) | (2,571) | (17,540) | (7,683) |
Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) | (11,465) | (2,571) | (17,540) | (7,683) |
Other income (expense): | ||||
Equity in losses of consolidated subsidiaries | 15,229 | 88,499 | 92,591 | 234,780 |
Loss from continuing operations before income taxes | 15,229 | 88,499 | 92,591 | 234,780 |
Net loss from continuing operations | 15,229 | 88,499 | 92,591 | 234,780 |
Net loss | 15,229 | 88,499 | 92,591 | 234,780 |
Parent [Member] | ||||
Other income (expense): | ||||
Equity in losses of consolidated subsidiaries | (26,390) | (63,806) | (86,114) | (155,465) |
Loss from continuing operations before income taxes | (26,390) | (63,806) | (86,114) | (155,465) |
Net loss from continuing operations | (26,390) | (63,806) | (86,114) | (155,465) |
Net loss | (26,390) | (63,806) | (86,114) | (155,465) |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) | (2,963) | 1,500 | (5,589) | 2,260 |
Depreciation, depletion, amortization and accretion | 990 | 1,035 | 2,009 | 2,081 |
General and administrative expenses | 21,098 | 25,948 | 46,762 | 51,883 |
Loss from operations | (19,125) | (28,483) | (43,182) | (56,224) |
Other income (expense): | ||||
Interest expense, net | (25,884) | (24,370) | (51,754) | (49,611) |
Other income (expense) | (186) | (311) | (252) | (722) |
Equity in losses of consolidated subsidiaries | 11,361 | (24,545) | (6,109) | (79,107) |
Loss from continuing operations before income taxes | (33,834) | (77,709) | (101,297) | (185,664) |
Income taxes | (7,444) | (13,903) | (15,183) | (30,199) |
Net loss from continuing operations | (26,390) | (63,806) | (86,114) | (155,465) |
Net loss | (26,390) | (63,806) | (86,114) | (155,465) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 473,724 | 416,328 | 908,858 | 770,188 |
Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) | 334,169 | 311,009 | 645,233 | 595,969 |
Depreciation, depletion, amortization and accretion | 85,501 | 94,031 | 178,215 | 194,599 |
General and administrative expenses | 35,668 | 37,732 | 74,357 | 74,876 |
Loss from operations | 18,386 | (26,444) | 11,053 | (95,256) |
Other income (expense): | ||||
Interest expense, net | 980 | 957 | 1,947 | 1,759 |
Other income (expense) | 264 | 206 | 538 | 447 |
Equity in losses of consolidated subsidiaries | (200) | (148) | (368) | (208) |
Loss from continuing operations before income taxes | 19,430 | (25,429) | 13,170 | (93,258) |
Income taxes | 3,001 | (15,278) | 1,925 | (44,246) |
Net loss from continuing operations | 16,429 | (10,151) | 11,245 | (49,012) |
Net loss | 16,429 | (10,151) | 11,245 | (49,012) |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 73,289 | 56,311 | 126,548 | 108,499 |
Cost of services and rentals (exclusive of depreciation, depletion, amortization and accretion) | 50,069 | 41,864 | 91,166 | 83,242 |
Depreciation, depletion, amortization and accretion | 11,482 | 13,053 | 23,468 | 25,720 |
General and administrative expenses | 13,130 | 13,028 | 24,597 | 25,442 |
Loss from operations | (1,392) | (11,634) | (12,683) | (25,905) |
Other income (expense): | ||||
Interest expense, net | 10 | 80 | 26 | 269 |
Other income (expense) | (2,460) | (2,051) | (4,403) | (1,232) |
Loss from continuing operations before income taxes | (3,842) | (13,605) | (17,060) | (26,868) |
Income taxes | 473 | (830) | (67) | (330) |
Net loss from continuing operations | (4,315) | (12,775) | (16,993) | (26,538) |
Loss from discontinued operations, net of income tax | (953) | (1,767) | (729) | (3,765) |
Net loss | $ (5,268) | $ (14,542) | $ (17,722) | $ (30,303) |
Supplemental Guarantor Inform44
Supplemental Guarantor Information (Consolidating Statements of Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | $ (26,390) | $ (63,806) | $ (86,114) | $ (155,465) |
Change in cumulative translation adjustment, net of tax | (7,053) | 6,022 | (2,665) | 7,746 |
Comprehensive loss | (33,443) | (57,784) | (88,779) | (147,719) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | 15,229 | 88,499 | 92,591 | 234,780 |
Change in cumulative translation adjustment, net of tax | 14,106 | (12,044) | 5,330 | (15,492) |
Comprehensive loss | 29,335 | 76,455 | 97,921 | 219,288 |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | (26,390) | (63,806) | (86,114) | (155,465) |
Change in cumulative translation adjustment, net of tax | (7,053) | 6,022 | (2,665) | 7,746 |
Comprehensive loss | (33,443) | (57,784) | (88,779) | (147,719) |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | (26,390) | (63,806) | (86,114) | (155,465) |
Change in cumulative translation adjustment, net of tax | (7,053) | 6,022 | (2,665) | 7,746 |
Comprehensive loss | (33,443) | (57,784) | (88,779) | (147,719) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | 16,429 | (10,151) | 11,245 | (49,012) |
Comprehensive loss | 16,429 | (10,151) | 11,245 | (49,012) |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net loss | (5,268) | (14,542) | (17,722) | (30,303) |
Change in cumulative translation adjustment, net of tax | (7,053) | 6,022 | (2,665) | 7,746 |
Comprehensive loss | $ (12,321) | $ (8,520) | $ (20,387) | $ (22,557) |
Supplemental Guarantor Inform45
Supplemental Guarantor Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 39,415 | $ 17,147 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (119,841) | (56,649) |
Proceeds from sales of assets | 23,297 | 4,090 |
Net cash used in investing activities | (96,544) | (52,559) |
Cash flows from financing activities: | ||
Other | (3,900) | (6,974) |
Net cash provided by (used in) financing activities | (3,900) | (6,974) |
Effect of exchange rate changes on cash | (1,311) | 2,093 |
Net decrease in cash, cash equivalents, and restricted cash | (62,340) | (40,293) |
Cash, cash equivalents, and restricted cash at beginning of period | 192,483 | 246,092 |
Cash, cash equivalents, and restricted cash at end of period | 130,143 | 205,799 |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (11,269) | |
Cash flows from financing activities: | ||
Intercompany dividends | 11,269 | |
Net cash provided by (used in) financing activities | 11,269 | |
Parent [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 12,342 | 13,572 |
Cash flows from financing activities: | ||
Changes in notes with affiliated companies, net | (8,834) | (6,822) |
Other | (3,508) | (6,750) |
Net cash provided by (used in) financing activities | (12,342) | (13,572) |
Issuer [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (91,600) | 11,674 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (549) | (461) |
Net cash used in investing activities | (549) | (461) |
Cash flows from financing activities: | ||
Changes in notes with affiliated companies, net | 34,815 | (7,812) |
Other | (392) | (224) |
Net cash provided by (used in) financing activities | 34,423 | (8,036) |
Net decrease in cash, cash equivalents, and restricted cash | (57,726) | 3,177 |
Cash, cash equivalents, and restricted cash at beginning of period | 126,533 | 127,445 |
Cash, cash equivalents, and restricted cash at end of period | 68,807 | 130,622 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 131,729 | (520) |
Cash flows from investing activities: | ||
Payments for capital expenditures | (114,360) | (45,506) |
Proceeds from sales of assets | 10,150 | 4,090 |
Net cash used in investing activities | (104,210) | (41,416) |
Cash flows from financing activities: | ||
Changes in notes with affiliated companies, net | (35,613) | 11,026 |
Net cash provided by (used in) financing activities | (35,613) | 11,026 |
Net decrease in cash, cash equivalents, and restricted cash | (8,094) | (30,910) |
Cash, cash equivalents, and restricted cash at beginning of period | 20,923 | 51,789 |
Cash, cash equivalents, and restricted cash at end of period | 12,829 | 20,879 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | (1,787) | (7,579) |
Cash flows from investing activities: | ||
Payments for capital expenditures | (4,932) | (10,682) |
Proceeds from sales of assets | 13,147 | |
Net cash used in investing activities | 8,215 | (10,682) |
Cash flows from financing activities: | ||
Intercompany dividends | (11,269) | |
Changes in notes with affiliated companies, net | 9,632 | 3,608 |
Net cash provided by (used in) financing activities | (1,637) | 3,608 |
Effect of exchange rate changes on cash | (1,311) | 2,093 |
Net decrease in cash, cash equivalents, and restricted cash | 3,480 | (12,560) |
Cash, cash equivalents, and restricted cash at beginning of period | 45,027 | 66,858 |
Cash, cash equivalents, and restricted cash at end of period | $ 48,507 | $ 54,298 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Discontinued Operations [Abstract] | ||||
Loss from discontinued operations before income tax | $ 1 | $ 1.8 | $ 0.7 | $ 3.8 |
Pre-tax gain loss after sale | $ 0.8 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accounting Standards Update 2016-18 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Effect of change in accounting principle | $ 30.6 |