Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34037 | |
Entity Registrant Name | SUPERIOR ENERGY SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-4613576 | |
Entity Address, Address Line One | 1001 Louisiana Street | |
Entity Address, Address Line Two | Suite 2900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 654-2200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 20,174,135 | |
Entity Central Index Key | 0000886835 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 237,845 | $ 391,684 |
Accounts receivable, net | 243,416 | 276,868 |
Inventory | 69,095 | 74,995 |
Income taxes receivable | 10,424 | 10,542 |
Prepaid expenses | 20,562 | 18,614 |
Other current assets | 7,194 | 7,922 |
Total current assets | 588,536 | 780,625 |
Property, plant and equipment, net | 308,280 | 294,960 |
Note receivable | 70,214 | 69,005 |
Restricted cash | 57,711 | 85,444 |
Deferred tax assets | 61,130 | 67,241 |
Other assets, net | 42,304 | 43,718 |
Total assets | 1,128,175 | 1,340,993 |
Current liabilities: | ||
Accounts payable | 42,949 | 38,214 |
Accrued expenses | 95,431 | 103,782 |
Income taxes payable | 24,596 | 20,220 |
Decommissioning liability | 21,631 | 21,631 |
Total current liabilities | 184,607 | 183,847 |
Decommissioning liability | 150,733 | 148,652 |
Deferred tax liabilities | 4,564 | 6,138 |
Other liabilities | 40,744 | 41,445 |
Total liabilities | 380,648 | 380,082 |
Stockholders' equity: | ||
Common Stock $0.001 par value | 202 | 202 |
Additional paid in capital | 910,527 | 911,388 |
Retained (deficit) earnings | (163,202) | 49,321 |
Total stockholders' equity | 747,527 | 960,911 |
Total liabilities and stockholders' equity | $ 1,128,175 | $ 1,340,993 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 52,000,000 | 52,000,000 |
Common stock, shares issued | 20,174,000 | 20,151,000 |
Common stock, shares outstanding | 20,174,000 | 20,151,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues [Abstract] | ||
Total revenues | $ 208,634 | $ 220,137 |
Costs and expenses: | ||
Total cost of revenues (exclusive of items shown separately below) | 106,639 | 117,721 |
Total depreciation, depletion, amortization and accretion | 20,447 | 20,139 |
General and administrative expenses | 34,975 | 30,990 |
Restructuring And Transaction Expenses | 0 | 1,983 |
Other gains, net | (1,082) | (1,398) |
Income from operations | 47,655 | 50,702 |
Other income (expense): | ||
Interest income , net | 6,840 | 5,439 |
Other expense, net | (1,813) | (2,152) |
Income from continuing operations before income taxes | 52,682 | 53,989 |
Income tax expense | (14,787) | (24,065) |
Net income from continuing operations | 37,895 | 29,924 |
Income from discontinued operations, net of tax | 0 | 289 |
Net income | $ 37,895 | $ 30,213 |
Earnings per share basic diluted | ||
Net income from continuing operations, basic | $ 1.88 | $ 1.49 |
Income from discontinued operations, net of tax, basic | 0 | 0.01 |
Net income, basic | 1.88 | 1.5 |
Net income from continuing operations, diluted | 1.88 | 1.49 |
Income from discontinued operations, net of tax, diluted | 0 | 0.01 |
Net income, diluted | $ 1.88 | $ 1.5 |
Weighted-average shares outstanding - basic | 20,162 | 20,107 |
Weighted-average shares outstanding - diluted | 20,180 | 20,131 |
Services [Member] | ||
Revenues [Abstract] | ||
Total revenues | $ 73,337 | $ 93,290 |
Costs and expenses: | ||
Total cost of revenues (exclusive of items shown separately below) | 46,489 | 65,079 |
Total depreciation, depletion, amortization and accretion | 5,752 | 7,295 |
Rentals [Member] | ||
Revenues [Abstract] | ||
Total revenues | 81,090 | 85,610 |
Costs and expenses: | ||
Total cost of revenues (exclusive of items shown separately below) | 31,603 | 29,048 |
Total depreciation, depletion, amortization and accretion | 6,359 | 6,694 |
Product Sales [Member] | ||
Revenues [Abstract] | ||
Total revenues | 54,207 | 41,237 |
Costs and expenses: | ||
Total cost of revenues (exclusive of items shown separately below) | 28,547 | 23,594 |
Total depreciation, depletion, amortization and accretion | $ 8,336 | $ 6,150 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 37,895 | $ 30,213 | $ 175,020 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] Common Class A [Member] | Additional Paid-in Capital [Member] Common Class B [Member] | Accumulated Deficit [Member] |
Beginning balance, value at Dec. 31, 2022 | $ 782,884 | $ 200 | $ 1 | $ 902,486 | $ 5,896 | $ (125,699) | |
Beginning balance, shares at Dec. 31, 2022 | 19,999 | 80 | |||||
Net income | 175,020 | 175,020 | |||||
Restricted stock units vested, Shares | 91 | ||||||
Restricted stock units vested, Value | $ 1 | (1) | |||||
Shares withheld and retired, value | (1,116) | (1,116) | |||||
Shares withheld and retired, shares | (19) | ||||||
Shares placed in treasury, shares | 152 | (152) | |||||
Shares placed in Treasury, Amount | $ 2 | $ (2) | 8,902 | (8,902) | |||
Stock-based compensation expense, net | 4,123 | $ 4,123 | |||||
Ending balance, value at Dec. 31, 2023 | 960,911 | $ 202 | 911,388 | 49,321 | |||
Ending balance, shares at Dec. 31, 2023 | 20,151 | ||||||
Net income | 37,895 | 37,895 | |||||
Cash dividends | (250,418) | (250,418) | |||||
Shares repurchased, shares | (14,673) | (15) | |||||
Shares repurchased, value | (961) | $ (1,000) | (961) | ||||
Restricted stock units vested, Shares | 53 | ||||||
Shares withheld and retired, value | (1,005) | (1,005) | |||||
Shares withheld and retired, shares | (15) | ||||||
Stock-based compensation expense, net | 1,105 | 1,105 | |||||
Ending balance, value at Mar. 31, 2024 | $ 747,527 | $ 202 | $ 910,527 | $ (163,202) | |||
Ending balance, shares at Mar. 31, 2024 | 20,174 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) | Mar. 31, 2024 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends ($12.38 per share) | $ 12.38 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 37,895 | $ 30,213 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation, depletion, amortization and accretion | 20,447 | 20,139 |
Deferred income taxes | 4,538 | 15,677 |
Stock based compensation expense | 1,105 | 1,052 |
Other gains, net | (1,083) | (2,225) |
Other reconciling items, net | (1,755) | (105) |
Changes in operating assets and liabilities | 27,747 | 8,502 |
Net cash from operating activities | 88,894 | 73,253 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (20,698) | (18,086) |
Proceeds from sales of assets | 2,616 | 11,569 |
Net cash from investing activities | (18,082) | (6,517) |
Cash flows from financing activities: | ||
Distributions to shareholders | (250,417) | 0 |
Repurchase of shares | (962) | 0 |
Tax withholdings for vested restricted stock units | (1,005) | (1,116) |
Net cash from financing activities | (252,384) | (1,116) |
Net change in cash, cash equivalents, and restricted cash | (181,572) | 65,620 |
Cash, cash equivalents, and restricted cash at beginning of period | 477,128 | 339,107 |
Cash, cash equivalents, and restricted cash at end of period | $ 295,556 | $ 404,727 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Certain information and footnote disclosures normally included 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 (the “SEC”); however, management believes the disclosures are adequate such that the information presented is not misleading. As used herein, “we,” “us,” “our” and similar terms refer to Superior Energy Services, Inc. and its consolidated subsidiaries, unless otherwise specifically stated. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in our Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2024, our results of operations and cash flows for the three months ended March 31, 2024 and 2023. The balance sheet as of December 31, 2023, was derived from our audited annual financial statements. |
Revenue and Accounts Receivable
Revenue and Accounts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Accounts Receivable | (2) Revenue and Accounts Receivable Disaggregation of Revenue The following table presents our revenues by segment disaggregated by geography: For the Three Months Ended March 31, 2024 2023 U.S. land Rentals $ 39,006 $ 45,133 Well Services 7,466 6,355 Total U.S. land 46,472 51,488 U.S. offshore Rentals 37,251 35,670 Well Services 28,872 16,321 Total U.S. offshore 66,123 51,991 International Rentals 31,834 28,018 Well Services 64,205 88,640 Total International 96,039 116,658 Total Revenues $ 208,634 $ 220,137 The following table presents our revenues by segment disaggregated by type: For the Three Months Ended March 31, 2024 2023 Services Rentals $ 20,650 $ 17,145 Well Services 52,687 76,145 Total Services 73,337 93,290 Rentals Rentals 76,073 82,075 Well Services 5,017 3,535 Total Rentals 81,090 85,610 Product Sales Rentals 11,368 9,601 Well Services 42,839 31,636 Total Product Sales 54,207 41,237 Total Revenues $ 208,634 $ 220,137 Accounts Receivable, net Our allowance for credit losses as of March 31, 2024 and December 31, 2023 was approximately $ 6.0 million and $ 6.3 million , respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | (3) Inventory The components of inventory are as follows: March 31, 2024 December 31, 2023 Finished goods $ 36,046 $ 41,082 Raw materials 8,489 10,379 Work-in-process 8,804 8,025 Supplies and consumables 15,756 15,509 Total $ 69,095 $ 74,995 Finished goods inventory includes component parts awaiting assembly of approximately $ 21.7 million and $ 25.0 million as of March 31, 2024 and December 31, 2023 , respectively. |
Decommissioning Liabilities
Decommissioning Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Decommissioning Liability | (4) Decommissioning Liability The following table summarizes our net decommissioning liability: March 31, 2024 December 31, 2023 Wells $ 97,633 $ 96,603 Platform 74,731 73,680 Total decommissioning liability 172,364 170,283 Note receivable ( 70,214 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 102,150 $ 101,278 Accretion expense for the three months ended March 31, 2024 and 2023 was $ 2.5 million and $ 2.3 million , respectively. |
Note Receivable
Note Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Note Receivable | (5) Note Receivable Our note receivable consists of a commitment from the seller of our oil and gas property for costs associated with abandonment. Pursuant to an agreement with the seller, we will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of the seller's obligation to us is $ 108.4 million and is recorded at its present value, which totaled $ 70.2 million as of March 31, 2024. The discount on the note receivable is currently based on an effective interest rate of 7.2 % and is amortized to interest income over the expected timing of the completion of the decommissioning activities, which are expected to be completed during the second quarter of 2030. Interest is paid in kind and is compounded into the carrying amount of the note. Non-cash interest income related to the note receivable for the three months ended March 31, 2024 and 2023 was $ 1.2 million and $ 1.0 million , respectively and is included in other reconciling items, net in the Condensed Consolidated Statements of Cash Flows. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | (6) Property, Plant and Equipment, Net A summary of property, plant and equipment, net is as follows: March 31, 2024 December 31, 2023 Machinery and equipment $ 441,839 $ 422,071 Buildings, improvements and leasehold improvements 66,432 66,746 Vehicles 8,045 8,106 Furniture and fixtures 22,857 22,746 Construction-in-progress 15,551 8,195 Land 26,644 25,654 Oil and gas producing assets 29,323 28,984 Total 610,691 582,502 Accumulated depreciation and depletion ( 302,411 ) ( 287,542 ) Property, plant and equipment, net $ 308,280 $ 294,960 A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended March 31, 2024 2023 Depreciation $ 16,134 $ 16,979 Depletion 1,572 585 Total depreciation and depletion $ 17,706 $ 17,564 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt In December 2023, we entered into an Amended and Restated Credit Agreement providing for up to a $ 140.0 million asset based secured revolving Credit Facility (the “Credit Facility”), which includes a sub-facility for financial letters of credit in an amount up to $ 40.0 million. The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar. As of March 31, 2024, our borrowing base, as defined in the Credit Agreement, was approximately $ 120.9 million , and we had $ 36.7 million in letters of credit outstanding which reduced the borrowing availability to $ 84.2 million . At March 31, 2024 , we had no outstanding borrowings under the Credit Facility and were in compliance with all required covenants. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (8) Fair Value Measurements The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis: March 31, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 15,592 $ 17,079 Accrued expenses 1,680 1,797 Other liabilities 14,397 15,589 Our non-qualified deferred compensation plans 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 a Level 2 in the fair value hierarchy. The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities. |
Other Expense,Net
Other Expense,Net | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | (9) Other Expense, Net A summary of other expense, net is as follows: For the Three Months Ended March 31, 2024 2023 Foreign currency losses $ ( 1,674 ) $ ( 1,833 ) Other, net ( 139 ) ( 319 ) Other expense, net $ ( 1,813 ) $ ( 2,152 ) Gains and losses on foreign currencies are primarily related to our operations in Argentina and Brazil. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | (10) Segment Information Summarized financial information for our segments is as follows: For the Three Months Ended March 31, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,091 $ 100,543 $ - $ 208,634 Cost of revenues (exclusive of items shown separately below) 37,766 68,873 - 106,639 Depreciation, depletion, amortization and accretion 11,810 8,131 506 20,447 General and administrative expenses 7,192 11,327 16,456 34,975 Restructuring expenses - - - - Other (gains) and losses, net 112 ( 1,180 ) ( 14 ) ( 1,082 ) Income (loss) from operations $ 51,211 $ 13,392 $ ( 16,948 ) $ 47,655 For the Three Months Ended March 31, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,821 $ 111,316 $ - $ 220,137 Cost of revenues (exclusive of items shown separately below) 36,468 81,253 - 117,721 Depreciation, depletion, amortization and accretion 12,168 7,077 894 20,139 General and administrative expenses 7,202 11,499 12,289 30,990 Restructuring expenses - - 1,983 1,983 Other gains, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702 Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2024 $ 490,441 $ 473,605 $ 164,129 $ 1,128,175 December 31, 2023 553,706 597,438 189,849 1,340,993 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | (11) Stock-Based Compensation Plans We have a Management Incentive Plan (“MIP”), which provides the issuance of up to 1,999,869 shares of our Class A common stock, par value $ 0.01 per share (the “Class A Common Stock”) for the grant of share-based and cash-based awards. As of December 31, 2023, we had 121,831 unvested awards granted under the MIP. During the three months ended March 31, 2024 , 53,422 awards vested. Stock-based compensation expense totaled $ 1.1 million for both the three months ended March 31, 2024 and 2023. The unamortized grant date fair value of unvested awards as of March 31, 2024 was $ 2.9 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes The effective tax rate for the three months ended March 31, 2024 and 2023 was 28.1 % and 44.6 %, respectively. The effective tax rate for both periods was impacted by non-deductible items and foreign tax rates that differ from the U.S. federal statutory rate of 21.0 %. Additionally, the effective tax rate for the three months ended March 31, 2024 was impacted by current year foreign tax credits. The effective tax rate for the three months ended March 31, 2023 was unfavorably impacted by the identification of an error in the tax provision for the year ended December 31, 2022 pertaining to certain net operating loss carryforwards that should have been eliminated as part of a worthless stock deduction taken in the fourth quarter of 2022. As such, we recognized an additional income tax expense of $ 7.6 million during the three months ended March 31, 2023 with a corresponding decrease to deferred tax assets to correct this immaterial misstatement. Management has determined that this misstatement was not material to any of its previously issued financial statements. The Organization for Economic Co-operation and Development reached agreement on Pillar Two Model Rules (“Pillar Two”) to implement a minimum 15.0 % tax rate on certain multinational companies. Participating countries are in various stages of proposing and enacting tax laws to implement the Pillar Two framework. We determined these rules did not have a material impact on our taxes for the three months ended March 31, 2024 and will continue to evaluate the impact of these proposals and legislative changes as new guidance emerges. We had approximately $ 77.6 million in gross US foreign tax credit deferred tax assets with a valuation allowance of $ 50.0 million against them as of December 31, 2023. We continue to evaluate the realizability of our U.S. foreign tax credit carryforwards and may have additional valuation allowance releases in future periods if we achieve positive cumulative income results of appropriate character and timing that provide sufficient positive evidence to do so. We had unrecognized tax benefits of $ 4.2 million as of March 31, 2024 and $ 4.1 million as of December 31, 2023, all of which would impact our effective tax rate if recognized. It is reasonably possible that $ 1.0 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. |
Equity and Earnings per Share
Equity and Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Equity and Earnings per Share | (12) Equity and Earnings per Share Dividend In the first quarter of 2024, we paid a special cash dividend of $ 12.38 per share on our outstanding Class A Common Stock totaling $ 250.4 million, which includes dividend equivalent payments to holders of unvested RSUs of $ 0.7 million. Share Repurchases In the first quarter of 2024, we purchased 14,673 shares of our Class A Common Stock totaling approximately $ 1.0 million from a former Board member. Upon repurchase, the repurchased shares were canceled. Earnings per Share The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share: For the Three Months Ended March 31, 2024 2023 Weighted-average shares outstanding - basic 20,162 20,107 Potentially dilutive stock awards and units 18 24 Weighted-average shares outstanding - diluted 20,180 20,131 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (14) Contingencies Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows. As previously reported in the Form 10-K and Form 10-Q for the quarter ended March 31, 2023, we are currently involved in legal proceedings with the Washington State Department of Revenue in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. The matter was appealed to the Washington State Board of Tax Appeals, which affirmed the assessment on May 22, 2023. On June 20, 2023 , we appealed this decision to Whatcom County Superior Court where it is currently pending review. In order to appeal the assessment to Whatcom County Superior Court, we paid the full $ 27.1 million assessment on May 31, 2023. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (15) Supplemental Cash Flow Information The table below is a reconciliation of cash, cash equivalents and restricted cash as of the beginning and the end of the periods presented: For the Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 391,684 $ 258,999 Restricted cash-non-current 85,444 80,108 Cash, cash equivalents, and restricted cash, beginning of period $ 477,128 $ 339,107 Cash and cash equivalents $ 237,845 $ 324,128 Restricted cash-non-current 57,711 80,599 Cash, cash equivalents, and restricted cash, end of period $ 295,556 $ 404,727 Accrued capital expenditures totaled $18.0 million and $13.8 million as of March 31, 2024 and 2023, respectively. Additionally, during the three months ended March 31, 2023, gains recognized on the disposition of assets classified as discontinued operations totaled $ 0.8 million, and proceeds from these dispositions totaled $ 8.7 million. Changes in operating accounts on cash flows from operating activities are as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Accounts receivable, net $ 33,771 $ 20,793 Inventory 5,900 ( 7,655 ) Prepaid expenses and other current assets ( 1,220 ) ( 2,521 ) Accounts payable ( 8,388 ) 1,963 Accrued expenses ( 8,821 ) ( 8,045 ) Income taxes 4,494 2,641 Other, net 2,011 1,326 Changes in operating assets and liabilities $ 27,747 $ 8,502 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | (16) New Accounting Pronouncements There were no material changes in recently issued or adopted accounting standards from those disclosed in our Form 10-K. |
Revenue and Accounts Receivab_2
Revenue and Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue by Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by geography: For the Three Months Ended March 31, 2024 2023 U.S. land Rentals $ 39,006 $ 45,133 Well Services 7,466 6,355 Total U.S. land 46,472 51,488 U.S. offshore Rentals 37,251 35,670 Well Services 28,872 16,321 Total U.S. offshore 66,123 51,991 International Rentals 31,834 28,018 Well Services 64,205 88,640 Total International 96,039 116,658 Total Revenues $ 208,634 $ 220,137 |
Revenue by Type [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by type: For the Three Months Ended March 31, 2024 2023 Services Rentals $ 20,650 $ 17,145 Well Services 52,687 76,145 Total Services 73,337 93,290 Rentals Rentals 76,073 82,075 Well Services 5,017 3,535 Total Rentals 81,090 85,610 Product Sales Rentals 11,368 9,601 Well Services 42,839 31,636 Total Product Sales 54,207 41,237 Total Revenues $ 208,634 $ 220,137 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventory are as follows: March 31, 2024 December 31, 2023 Finished goods $ 36,046 $ 41,082 Raw materials 8,489 10,379 Work-in-process 8,804 8,025 Supplies and consumables 15,756 15,509 Total $ 69,095 $ 74,995 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | A summary of property, plant and equipment, net is as follows: March 31, 2024 December 31, 2023 Machinery and equipment $ 441,839 $ 422,071 Buildings, improvements and leasehold improvements 66,432 66,746 Vehicles 8,045 8,106 Furniture and fixtures 22,857 22,746 Construction-in-progress 15,551 8,195 Land 26,644 25,654 Oil and gas producing assets 29,323 28,984 Total 610,691 582,502 Accumulated depreciation and depletion ( 302,411 ) ( 287,542 ) Property, plant and equipment, net $ 308,280 $ 294,960 |
Summary of depreciation and depletion expense | A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended March 31, 2024 2023 Depreciation $ 16,134 $ 16,979 Depletion 1,572 585 Total depreciation and depletion $ 17,706 $ 17,564 |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of decommissioning liability | The following table summarizes our net decommissioning liability: March 31, 2024 December 31, 2023 Wells $ 97,633 $ 96,603 Platform 74,731 73,680 Total decommissioning liability 172,364 170,283 Note receivable ( 70,214 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 102,150 $ 101,278 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | Summarized financial information for our segments is as follows: For the Three Months Ended March 31, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,091 $ 100,543 $ - $ 208,634 Cost of revenues (exclusive of items shown separately below) 37,766 68,873 - 106,639 Depreciation, depletion, amortization and accretion 11,810 8,131 506 20,447 General and administrative expenses 7,192 11,327 16,456 34,975 Restructuring expenses - - - - Other (gains) and losses, net 112 ( 1,180 ) ( 14 ) ( 1,082 ) Income (loss) from operations $ 51,211 $ 13,392 $ ( 16,948 ) $ 47,655 For the Three Months Ended March 31, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,821 $ 111,316 $ - $ 220,137 Cost of revenues (exclusive of items shown separately below) 36,468 81,253 - 117,721 Depreciation, depletion, amortization and accretion 12,168 7,077 894 20,139 General and administrative expenses 7,202 11,499 12,289 30,990 Restructuring expenses - - 1,983 1,983 Other gains, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702 |
Schedule Of Identifiable Assets | Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2024 $ 490,441 $ 473,605 $ 164,129 $ 1,128,175 December 31, 2023 553,706 597,438 189,849 1,340,993 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | March 31, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 15,592 $ 17,079 Accrued expenses 1,680 1,797 Other liabilities 14,397 15,589 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of other nonoperating income (expense) | A summary of other expense, net is as follows: For the Three Months Ended March 31, 2024 2023 Foreign currency losses $ ( 1,674 ) $ ( 1,833 ) Other, net ( 139 ) ( 319 ) Other expense, net $ ( 1,813 ) $ ( 2,152 ) |
Equity and Earnings per Share (
Equity and Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of weighted average number of shares for basic and diluted earnings per share | The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share: For the Three Months Ended March 31, 2024 2023 Weighted-average shares outstanding - basic 20,162 20,107 Potentially dilutive stock awards and units 18 24 Weighted-average shares outstanding - diluted 20,180 20,131 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | For the Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 391,684 $ 258,999 Restricted cash-non-current 85,444 80,108 Cash, cash equivalents, and restricted cash, beginning of period $ 477,128 $ 339,107 Cash and cash equivalents $ 237,845 $ 324,128 Restricted cash-non-current 57,711 80,599 Cash, cash equivalents, and restricted cash, end of period $ 295,556 $ 404,727 |
Changes in Operating Accounts on Cash Flows from Operating Activities | Changes in operating accounts on cash flows from operating activities are as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Accounts receivable, net $ 33,771 $ 20,793 Inventory 5,900 ( 7,655 ) Prepaid expenses and other current assets ( 1,220 ) ( 2,521 ) Accounts payable ( 8,388 ) 1,963 Accrued expenses ( 8,821 ) ( 8,045 ) Income taxes 4,494 2,641 Other, net 2,011 1,326 Changes in operating assets and liabilities $ 27,747 $ 8,502 |
Revenue and Accounts Receivab_3
Revenue and Accounts Receivable (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 208,634 | $ 220,137 |
Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 108,091 | 108,821 |
Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 100,543 | 111,316 |
U.S. Land [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 46,472 | 51,488 |
U.S. Land [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 39,006 | 45,133 |
U.S. Land [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 7,466 | 6,355 |
U.S. Offshore [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 66,123 | 51,991 |
U.S. Offshore [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 37,251 | 35,670 |
U.S. Offshore [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 28,872 | 16,321 |
International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 96,039 | 116,658 |
International [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 31,834 | 28,018 |
International [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 64,205 | $ 88,640 |
Revenue and Accounts Receivab_4
Revenue and Accounts Receivable (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 208,634 | $ 220,137 |
Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 108,091 | 108,821 |
Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 100,543 | 111,316 |
Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 73,337 | 93,290 |
Services [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 20,650 | 17,145 |
Services [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 52,687 | 76,145 |
Rentals Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 81,090 | 85,610 |
Rentals Services [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 76,073 | 82,075 |
Rentals Services [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 5,017 | 3,535 |
Product Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 54,207 | 41,237 |
Product Sales [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 11,368 | 9,601 |
Product Sales [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 42,839 | $ 31,636 |
Revenue and Accounts Receivab_5
Revenue and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Allowance for doubtful accounts | $ 6 | $ 6.3 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 36,046 | $ 41,082 |
Raw materials | 8,489 | 10,379 |
Work-in-process | 8,804 | 8,025 |
Supplies and consumables | 15,756 | 15,509 |
Total | $ 69,095 | $ 74,995 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods inventory | $ 21.7 | $ 25 |
Decommissioning Liability - Sch
Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Decommissioning Liability | $ 172,364 | $ 170,283 |
Less: Note Receivable | (70,214) | (69,005) |
Decommissioning Liability, net of Note Receivable | 102,150 | 101,278 |
Well Services [Member] | ||
Decommissioning Liability | 97,633 | 96,603 |
Platform Service [Member] | ||
Decommissioning Liability | $ 74,731 | $ 73,680 |
Decommissioning Liability (Narr
Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Accretion expense | $ 2.5 | $ 2.3 |
Note Receivable (Narrative) (De
Note Receivable (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | |||
Note receivable | $ 70,214 | $ 69,005 | |
Change In Gross Amount Of Sellers Obligation | $ 108,400 | ||
Notes Receivable, Seller Obligation [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Interest rate percentage to record present value of notes receivable | 7.20% | ||
Company recorded interest income | $ 1,200 | $ 1,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 610,691 | $ 582,502 |
Accumulated depreciation and depletion | (302,411) | (287,542) |
Property, plant and equipment, net | 308,280 | 294,960 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 441,839 | 422,071 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 66,432 | 66,746 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 8,045 | 8,106 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,857 | 22,746 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,551 | 8,195 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26,644 | 25,654 |
Oil and Gas Producing Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 29,323 | $ 28,984 |
Property,Plant and Equipment,Ne
Property,Plant and Equipment,Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 16,134 | $ 16,979 |
Depletion | 1,572 | 585 |
Total depreciation and depletion | $ 17,706 | $ 17,564 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 120,900 | |
Credit facility, availability | 84,200 | |
Letters of credit outstanding amount | 36,700 | |
Outstanding borrowings | $ 0 | |
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] | Senior Secured Asset-Based Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 140,000 | |
Letters of credit outstanding amount | $ 40,000 |
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] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, net | $ 15,592 | $ 17,079 |
Accrued expense | 1,680 | 1,797 |
Other liabilities | $ 14,397 | $ 15,589 |
Other Expense, Net - Summary of
Other Expense, Net - Summary of Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Foreign currency losses | $ (1,674) | $ (1,833) |
Other, net | (139) | (319) |
Other expense, net | $ (1,813) | $ (2,152) |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 208,634 | $ 220,137 |
Total cost of revenues (exclusive of items shown separately below) | 106,639 | 117,721 |
Depreciation, depletion, amortization and accretion | 20,447 | 20,139 |
General and administrative expenses | 34,975 | 30,990 |
Restructuring expenses | 1,983 | |
Other (gains) and losses, net | (1,082) | (1,398) |
Income (loss) from operations | 47,655 | 50,702 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 108,091 | 108,821 |
Total cost of revenues (exclusive of items shown separately below) | 37,766 | 36,468 |
Depreciation, depletion, amortization and accretion | 11,810 | 12,168 |
General and administrative expenses | 7,192 | 7,202 |
Other (gains) and losses, net | 112 | (31) |
Income (loss) from operations | 51,211 | 53,014 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 100,543 | 111,316 |
Total cost of revenues (exclusive of items shown separately below) | 68,873 | 81,253 |
Depreciation, depletion, amortization and accretion | 8,131 | 7,077 |
General and administrative expenses | 11,327 | 11,499 |
Other (gains) and losses, net | (1,180) | (1,367) |
Income (loss) from operations | 13,392 | 12,854 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation, depletion, amortization and accretion | 506 | 894 |
General and administrative expenses | 16,456 | 12,289 |
Restructuring expenses | 1,983 | |
Other (gains) and losses, net | (14) | |
Income (loss) from operations | $ (16,948) | $ (15,166) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 1,128,175 | $ 1,340,993 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 490,441 | 553,706 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 473,605 | 597,438 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 164,129 | $ 189,849 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cancelled stock incentive plans | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Awards vested | 53,422 | ||
Stock-based compensation expense | $ 1.1 | $ 1.1 | |
Unamortized grant date fair value of unvested awards | $ 2.9 | ||
Management Incentive Plan [Member] | |||
Cancelled stock incentive plans | |||
Common stock reserved for issuance | 1,999,869 | ||
Common stock, par value | $ 0.01 | ||
Awards outstanding | 121,831 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||
Effective Income Tax Rate Reconciliation, Percent | 28.10% | 44.60% | |
Valuation allowance | $ 50 | ||
Foreign tax credit forecasted amount | 77.6 | ||
Unrecognized tax benefits | $ 4.2 | $ 4.1 | |
Unrecognized tax benefits settlement due | $ 1 | ||
Deferred income taxes | $ 7.6 | ||
Effective income tax rate reconciliation, OECD income tax rate | 15% |
Equity and Earnings per Share_2
Equity and Earnings per Share (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Shares repurchased, Value | $ 961 |
Restricted Stock Units (RSUs) [Member] | |
Dividends, Common Stock, Stock | $ 700 |
Common Class A [Member] | |
Special Cash Dividends Per Share | $ / shares | $ 12.38 |
Dividends, Common Stock | $ 250,400 |
Stock Repurchased During Period, Shares | shares | 14,673 |
Shares repurchased, Value | $ 1,000 |
Equity and Earnings per Share_3
Equity and Earnings per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares outstanding - basic | 20,162 | 20,107 |
Potentially dilutive stock awards and units | 18 | 24 |
Weighted-average shares outstanding - diluted | 20,180 | 20,131 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | May 31, 2023 USD ($) |
Whatcom County Superi or Court [Member] | |
Loss Contingencies [Line Items] | |
Income tax examination, estimate of possible loss | $ 27.1 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total depreciation, depletion, amortization and accretion | $ 20,447 | $ 20,139 |
General and administrative expenses | 34,975 | 30,990 |
Other gains, net | (1,082) | (1,398) |
Income from operations | 47,655 | 50,702 |
Other expense, net | (1,813) | (2,152) |
Income from discontinued operations, net of tax | $ 0 | $ 289 |
Discontinued Operation (Cash Fl
Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other gains, net | $ (1,082) | $ (1,398) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 237,845 | $ 391,684 | $ 324,128 | $ 258,999 |
Restricted cash-non-current | 57,711 | 85,444 | 80,599 | 80,108 |
Cash, cash equivalents, and restricted cash | $ 295,556 | $ 477,128 | $ 404,727 | $ 339,107 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Supplemental Cash Flow Elements [Abstract] | |
Gain (Loss) on Disposition of Assets | $ 0.8 |
Proceeds from dispositions | $ 8.7 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information (Changes in Operating Accounts on Cash Flows from Operating Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable, net | $ 33,771 | $ 20,793 |
Inventory | 5,900 | (7,655) |
Prepaid expenses and other current assets | (1,220) | (2,521) |
Accounts payable | (8,388) | 1,963 |
Accrued expenses | (8,821) | (8,045) |
Income taxes | 4,494 | 2,641 |
Other, net | 2,011 | 1,326 |
Changes in operating assets and liabilities | $ 27,747 | $ 8,502 |