Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'PTEN | ' |
Entity Registrant Name | 'PATTERSON UTI ENERGY INC | ' |
Entity Central Index Key | '0000889900 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 144,495,568 |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $257,746 | $249,509 |
Accounts receivable, net of allowance for doubtful accounts of $3,675 and $3,674 at March 31, 2014 and December 31, 2013, respectively | 485,925 | 451,517 |
Inventory | 22,663 | 21,248 |
Deferred tax assets, net | 33,852 | 32,952 |
Other | 51,065 | 53,424 |
Total current assets | 851,251 | 808,650 |
Property and equipment, net | 3,716,572 | 3,635,541 |
Goodwill and intangible assets | 166,559 | 167,470 |
Deposits on equipment purchases | 57,237 | 52,560 |
Other | 21,276 | 22,906 |
Total assets | 4,812,895 | 4,687,127 |
Current liabilities: | ' | ' |
Accounts payable | 263,820 | 173,150 |
Federal and state income taxes payable | 24,855 | 10,670 |
Accrued expenses | 159,016 | 160,457 |
Current portion of long-term debt | 10,000 | 10,000 |
Total current liabilities | 457,691 | 354,277 |
Long-term debt | 680,000 | 682,500 |
Deferred tax liabilities, net | 878,771 | 887,864 |
Other | 6,763 | 6,489 |
Total liabilities | 2,023,225 | 1,931,130 |
Commitments and contingencies (see Note 9) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, par value $.01; authorized 1,000,000 shares, no shares issued | ' | ' |
Common stock, par value $.01; authorized 300,000,000 shares with 186,971,989 and 186,487,246 issued and 144,702,524 and 144,219,189 outstanding at March 31, 2014 and December 31, 2013, respectively | 1,870 | 1,865 |
Additional paid-in capital | 930,205 | 913,505 |
Retained earnings | 2,727,805 | 2,707,439 |
Accumulated other comprehensive income | 10,721 | 14,076 |
Treasury stock, at cost, 42,269,465 shares and 42,268,057 shares at March 31, 2014 and December 31, 2013, respectively | -880,931 | -880,888 |
Total stockholders' equity | 2,789,670 | 2,755,997 |
Total liabilities and stockholders' equity | $4,812,895 | $4,687,127 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $3,675 | $3,674 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 186,971,989 | 186,487,246 |
Common stock, outstanding | 144,702,524 | 144,219,189 |
Treasury stock, shares | 42,269,465 | 42,268,057 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Operating revenues: | ' | ' | ||
Oil and natural gas | $12,004 | $16,785 | ||
Total operating revenues | 678,168 | 667,039 | ||
Operating costs and expenses: | ' | ' | ||
Contract drilling | 251,059 | 247,072 | ||
Pressure pumping | 199,808 | 168,156 | ||
Oil and natural gas | 3,274 | 2,922 | ||
Depreciation, depletion, amortization and impairment | 147,322 | 136,435 | ||
Selling, general and administrative | 19,673 | 17,397 | ||
Net (gain) loss on asset disposals | -1,744 | [1] | 125 | [1] |
Total operating costs and expenses | 619,392 | 572,107 | ||
Operating income | 58,776 | 94,932 | ||
Other income (expense): | ' | ' | ||
Interest income | 176 | 173 | ||
Interest expense, net of capitalized interest of $1,667 in 2014 and $2,281 in 2013 | -7,188 | -6,766 | ||
Other | ' | 19 | ||
Total other expense | -7,012 | -6,574 | ||
Income before income taxes | 51,764 | 88,358 | ||
Income tax expense (benefit): | ' | ' | ||
Current | 26,935 | 7,573 | ||
Deferred | -9,993 | 24,555 | ||
Total income tax expense | 16,942 | 32,128 | ||
Net income | 34,822 | 56,230 | ||
Net income per common share: | ' | ' | ||
Basic | $0.24 | $0.38 | ||
Diluted | $0.24 | $0.38 | ||
Weighted average number of common shares outstanding: | ' | ' | ||
Basic | 142,892 | 144,827 | ||
Diluted | 145,099 | 146,783 | ||
Cash dividends per common share | $0.10 | $0.05 | ||
Contract Drilling | ' | ' | ||
Operating revenues: | ' | ' | ||
Oil and gas services | 425,903 | 419,094 | ||
Pressure Pumping | ' | ' | ||
Operating revenues: | ' | ' | ||
Oil and gas services | $240,261 | $231,160 | ||
[1] | Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments. |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest expense, capitalized interest | $1,667 | $2,281 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $34,822 | $56,230 |
Other comprehensive income (loss), net of taxes of $0 for all periods: | ' | ' |
Foreign currency translation adjustment | -3,355 | -2,303 |
Total comprehensive income | $31,467 | $53,927 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other comprehensive income (loss), taxes | $0 | $0 |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2013 | $2,755,997 | $1,865 | $913,505 | $2,707,439 | $14,076 | ($880,888) |
Beginning Balance (in shares) at Dec. 31, 2013 | 186,487,246 | 186,487,000 | ' | ' | ' | ' |
Net income | 34,822 | ' | ' | 34,822 | ' | ' |
Foreign currency translation adjustment | -3,355 | ' | ' | ' | -3,355 | ' |
Issuance of restricted stock | ' | 15,000 | ' | ' | ' | ' |
Forfeitures of restricted stock (in shares) | ' | -13,000 | ' | ' | ' | ' |
Forfeitures of restricted stock | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | 482,500 | 483,000 | ' | ' | ' | ' |
Exercise of stock options | 8,033 | 5 | 8,028 | ' | ' | ' |
Stock-based compensation | 6,711 | ' | 6,711 | ' | ' | ' |
Tax benefit related to stock-based compensation | 1,961 | ' | 1,961 | ' | ' | ' |
Payment of cash dividends | -14,456 | ' | ' | -14,456 | ' | ' |
Purchase of treasury stock | -43 | ' | ' | ' | ' | -43 |
Ending Balance at Mar. 31, 2014 | $2,789,670 | $1,870 | $930,205 | $2,727,805 | $10,721 | ($880,931) |
Ending Balance (in shares) at Mar. 31, 2014 | 186,971,989 | 186,972,000 | ' | ' | ' | ' |
Consolidated_Condensed_Stateme5
Consolidated Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net income | $34,822 | $56,230 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Depreciation, depletion, amortization and impairment | 147,322 | 136,435 | ||
Dry holes and abandonments | 283 | 10 | ||
Deferred income tax (benefit) expense | -9,993 | 24,555 | ||
Stock-based compensation expense | 6,711 | 5,903 | ||
Net (gain) loss on asset disposals | -1,744 | [1] | 125 | [1] |
Changes in operating assets and liabilities: | ' | ' | ||
Accounts receivable | -35,434 | -25,220 | ||
Income taxes receivable/payable | 14,180 | 1,267 | ||
Inventory and other assets | 2,513 | 6,672 | ||
Accounts payable | 22,264 | 21,385 | ||
Accrued expenses | -1,648 | -17,698 | ||
Other liabilities | 221 | 53 | ||
Net cash provided by operating activities | 179,497 | 209,717 | ||
Cash flows from investing activities: | ' | ' | ||
Purchases of property and equipment | -170,372 | -174,161 | ||
Proceeds from disposal of assets | 6,590 | 707 | ||
Net cash used in investing activities | -163,782 | -173,454 | ||
Cash flows from financing activities: | ' | ' | ||
Purchases of treasury stock | -43 | -2,874 | ||
Dividends paid | -14,456 | -7,312 | ||
Tax benefit related to stock-based compensation | 1,961 | 2,737 | ||
Repayment of long-term debt | -2,500 | -1,250 | ||
Proceeds from exercise of stock options | 8,033 | 6,295 | ||
Net cash used in financing activities | -7,005 | -2,404 | ||
Effect of foreign exchange rate changes on cash | -473 | -551 | ||
Net increase in cash and cash equivalents | 8,237 | 33,308 | ||
Cash and cash equivalents at beginning of period | 249,509 | 110,723 | ||
Cash and cash equivalents at end of period | 257,746 | 144,031 | ||
Net cash paid during the period for: | ' | ' | ||
Interest, net of capitalized interest of $1,667 in 2014 and $2,281 in 2013 | ' | ' | ||
Income taxes | -10,001 | -3,543 | ||
Supplemental investing and financing information: | ' | ' | ||
Net increase in current liabilities for purchases of property and equipment | 68,802 | 24,039 | ||
Net (increase) decrease in deposits on equipment purchases | ($4,677) | $7,863 | ||
[1] | Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments. |
Consolidated_Condensed_Stateme6
Consolidated Condensed Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest expense, capitalized interest | $1,667 | $2,281 |
Basis_of_Consolidation_and_Pre
Basis of Consolidation and Presentation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Basis of Consolidation and Presentation | ' | ||||||||
1. Basis of Consolidation and Presentation | |||||||||
The unaudited interim consolidated condensed financial statements include the accounts of Patterson-UTI Energy, Inc. (the “Company”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries, the Company has no controlling financial interests in any entity which would require consolidation. | |||||||||
The unaudited interim consolidated condensed financial statements have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes the disclosures included either on the face of the financial statements or herein are sufficient to make the information presented not misleading. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair statement of the information in conformity with accounting principles generally accepted in the United States of America have been included. The Unaudited Consolidated Condensed Balance Sheet as of December 31, 2013, as presented herein, was derived from the audited consolidated balance sheet of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. | |||||||||
Certain reclassifications have been made to the prior period to conform to the current-period presentation, with no effect on our consolidated financial position, results of operations or cash flows. | |||||||||
The U.S. dollar is the functional currency for all of the Company’s operations except for its Canadian operations, which uses the Canadian dollar as its functional currency. The effects of exchange rate changes are reflected in accumulated other comprehensive income, which is a separate component of stockholders’ equity. | |||||||||
The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value. | |||||||||
The Company provides a dual presentation of its net income per common share in its unaudited consolidated condensed statements of operations: Basic net income per common share (“Basic EPS”) and diluted net income per common share (“Diluted EPS”). | |||||||||
Basic EPS excludes dilution and is computed by first allocating earnings between common stockholders and holders of non-vested shares of restricted stock. Basic EPS is then determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding non-vested shares of restricted stock. | |||||||||
Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options, non-vested shares of restricted stock and restricted stock units. The dilutive effect of stock options and restricted stock units is determined using the treasury stock method. The dilutive effect of non-vested shares of restricted stock is based on the more dilutive of the treasury stock method or the two-class method, assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than non-vested shares of restricted stock. | |||||||||
The following table presents information necessary to calculate net income per share for the three months ended March 31, 2014 and 2013 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
BASIC EPS: | |||||||||
Net income | $ | 34,822 | $ | 56,230 | |||||
Adjust for income attributed to holders of non-vested restricted stock | (353 | ) | (482 | ) | |||||
Income attributed to common stockholders | $ | 34,469 | $ | 55,748 | |||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 | |||||||
Basic net income per common share | $ | 0.24 | $ | 0.38 | |||||
DILUTED EPS: | |||||||||
Income attributed to common stockholders | $ | 34,469 | $ | 55,748 | |||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 | |||||||
Add dilutive effect of potential common shares | 2,207 | 1,956 | |||||||
Weighted average number of diluted common shares outstanding | 145,099 | 146,783 | |||||||
Diluted net income per common share | $ | 0.24 | $ | 0.38 | |||||
Potentially dilutive securities excluded as anti-dilutive | 80 | 1,874 | |||||||
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
2. Stock-based Compensation | |||||||||||||
The Company uses share-based payments to compensate employees and non-employee directors. The Company recognizes the cost of share-based payments under the fair-value-based method. Share-based awards consist of equity instruments in the form of stock options, restricted stock or restricted stock units and have included service and, in certain cases, performance conditions. The Company’s share-based awards have also included both cash-settled and share-settled performance unit awards. Cash-settled performance unit awards are accounted for as liability awards. Share-settled performance unit awards are accounted for as equity awards. The Company issues shares of common stock when vested stock options are exercised, when restricted stock is granted and when restricted stock units and share-settled performance unit awards vest. | |||||||||||||
Stock Options — The Company estimates the grant date fair values of stock options using the Black-Scholes-Merton valuation model. Volatility assumptions are based on the historic volatility of the Company’s common stock over the most recent period equal to the expected term of the options as of the date the options are granted. The expected term assumptions are based on the Company’s experience with respect to employee stock option activity. Dividend yield assumptions are based on the expected dividends at the time the options are granted. The risk-free interest rate assumptions are determined by reference to United States Treasury yields. Weighted-average assumptions used to estimate the grant date fair values for stock options granted for the three month periods ended March 31, 2014 and 2013 follow: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Volatility | 35.91 | % | 46.19 | % | |||||||||
Expected term (in years) | 5 | 5 | |||||||||||
Dividend yield | 0.79 | % | 1.07 | % | |||||||||
Risk-free interest rate | 1.75 | % | 0.72 | % | |||||||||
Stock option activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Underlying | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at January 1, 2014 | 7,319,695 | $ | 21.23 | ||||||||||
Granted | 50,000 | $ | 25.32 | ||||||||||
Exercised | (482,500 | ) | $ | 16.65 | |||||||||
Cancelled | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding at March 31, 2014 | 6,887,195 | $ | 21.58 | ||||||||||
Exercisable at March 31, 2014 | 5,913,737 | $ | 21.64 | ||||||||||
Restricted Stock — For all restricted stock awards to date, shares of common stock were issued when the awards were made. Non-vested shares are subject to forfeiture for failure to fulfill service conditions and, in certain cases, performance conditions. Non-forfeitable dividends are paid on non-vested shares of restricted stock. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. | |||||||||||||
Restricted stock activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested restricted stock outstanding at January 1, 2014 | 1,496,692 | $ | 20.84 | ||||||||||
Granted | 15,000 | $ | 25.32 | ||||||||||
Vested | (52,752 | ) | $ | 23.08 | |||||||||
Forfeited | (12,757 | ) | $ | 19.95 | |||||||||
Non-vested restricted stock outstanding at March 31, 2014 | 1,446,183 | $ | 20.82 | ||||||||||
Restricted Stock Units — For all restricted stock unit awards made to date, shares of common stock are not issued until the units vest. Restricted stock units are subject to forfeiture for failure to fulfill service conditions. Non-forfeitable cash dividend equivalents are paid on non-vested restricted stock units. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. | |||||||||||||
Restricted stock unit activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested restricted stock units outstanding at January 1, 2013 | 20,256 | $ | 20.67 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Non-vested restricted stock units outstanding at March 31, 2014 | 20,256 | $ | 20.67 | ||||||||||
Performance Unit Awards — In 2011, 2012 and 2013, the Company granted stock-settled performance unit awards to certain executive officers (the “Stock-Settled Performance Units”). The Stock-Settled Performance Units provide for the recipients to receive a grant of shares of stock upon the achievement of certain performance goals established by the Compensation Committee during the performance period. The performance period for the Stock-Settled Performance Units is the three year period commencing on April 1 of the year of grant, but can extend for an additional two years in certain circumstances. The performance goals for the Stock-Settled Performance Units are tied to the Company’s total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. These goals are considered to be market conditions under the relevant accounting standards and the market conditions were factored into the determination of the fair value of the performance units. Generally, the recipients will receive a target number of shares if the Company’s total shareholder return is positive and, when compared to the peer group, is at the 50th percentile and two times the target if at the 75th percentile or higher. If the Company’s total shareholder return is positive, and, when compared to the peer group, is at the 25th percentile, the recipients will only receive one-half of the target number of shares. The grant of shares when achievement is between the 25th and 75th percentile will be determined on a pro-rata basis. The target number of shares with respect to the 2011 Stock-Settled Performance Units was 144,375. The performance period for the 2011 Stock-Settled Performance Units ended on March 31, 2014, and the Company’s total shareholder return was at the 94th percentile. In April 2014, 288,750 shares were issued to settle the 2011 Stock-Settled Performance Units. | |||||||||||||
The total target number of shares with respect to the Stock-Settled Performance Units is set forth below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Target number of shares | 236,500 | 192,000 | 144,375 | ||||||||||
Because the Stock-Settled Performance Units are stock-settled awards, they are accounted for as equity awards and measured at fair value on the date of grant using a Monte Carlo simulation model. The fair value of the Stock-Settled Performance Units is set forth below (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Fair value at date of grant | $ | 5,564 | $ | 3,065 | $ | 5,569 | |||||||
These fair value amounts are charged to expense on a straight-line basis over the performance period. Compensation expense associated with the Stock-Settled Performance Units is shown below (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Three months ended March 31, 2014 | $ | 464 | $ | 255 | $ | 464 | |||||||
Three months ended March 31, 2013 | NA | $ | 255 | $ | 464 |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
3. Property and Equipment | |||||||||
Property and equipment consisted of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Equipment | $ | 5,915,271 | $ | 5,749,975 | |||||
Oil and natural gas properties | 192,299 | 183,571 | |||||||
Buildings | 80,646 | 80,050 | |||||||
Land | 12,048 | 12,054 | |||||||
6,200,264 | 6,025,650 | ||||||||
Less accumulated depreciation and depletion | (2,483,692 | ) | (2,390,109 | ) | |||||
Property and equipment, net | $ | 3,716,572 | $ | 3,635,541 | |||||
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Segments | ' | ||||||||
4. Business Segments | |||||||||
The Company’s revenues, operating profits and identifiable assets are primarily attributable to three business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) the investment, on a non-operating working interest basis, in oil and natural gas properties. Each of these segments represents a distinct type of business. These segments have separate management teams which report to the Company’s chief operating decision maker. The results of operations in these segments are regularly reviewed by the chief operating decision maker for purposes of determining resource allocation and assessing performance. Separate financial data for each of our business segments is provided in the table below (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Contract drilling | $ | 426,961 | $ | 420,233 | |||||
Pressure pumping | 240,261 | 231,160 | |||||||
Oil and natural gas | 12,004 | 16,785 | |||||||
Total segment revenues | 679,226 | 668,178 | |||||||
Elimination of intercompany revenues (a) | (1,058 | ) | (1,139 | ) | |||||
Total revenues | $ | 678,168 | $ | 667,039 | |||||
Income before income taxes: | |||||||||
Contract drilling | $ | 67,077 | $ | 72,549 | |||||
Pressure pumping | 1,543 | 28,515 | |||||||
Oil and natural gas | 2,703 | 6,241 | |||||||
71,323 | 107,305 | ||||||||
Corporate and other | (14,291 | ) | (12,248 | ) | |||||
Net gain on asset disposals (b) | 1,744 | (125 | ) | ||||||
Interest income | 176 | 173 | |||||||
Interest expense | (7,188 | ) | (6,766 | ) | |||||
Other | — | 19 | |||||||
Income before income taxes | $ | 51,764 | $ | 88,358 | |||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Identifiable assets: | |||||||||
Contract drilling | $ | 3,675,034 | $ | 3,569,588 | |||||
Pressure pumping | 780,162 | 761,199 | |||||||
Oil and natural gas | 60,461 | 58,656 | |||||||
Corporate and other (c) | 297,238 | 297,684 | |||||||
Total assets | $ | 4,812,895 | $ | 4,687,127 | |||||
(a) | Consists of contract drilling intercompany revenues for drilling services provided to the oil and natural gas exploration and production segment. | ||||||||
(b) | Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments. | ||||||||
(c) | Corporate and other assets primarily include cash on hand and certain deferred tax assets. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
5. Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill — Goodwill by operating segment as of March 31, 2014 and changes for the three months then ended are as follows (in thousands): | |||||||||||||||||||||||||
Contract | Pressure | Total | |||||||||||||||||||||||
Drilling | Pumping | ||||||||||||||||||||||||
Balance December 31, 2013 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
Changes to goodwill | — | — | — | ||||||||||||||||||||||
Balance March 31, 2014 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
There were no accumulated impairment losses as of March 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||
Goodwill is evaluated at least annually on December 31, or when circumstances require, to determine if the fair value of recorded goodwill has decreased below its carrying value. For purposes of impairment testing, goodwill is evaluated at the reporting unit level. The Company’s reporting units for impairment testing have been determined to be its operating segments. The Company first determines whether it is more likely than not that the fair value of a reporting unit is less than its carrying value after considering qualitative, market and other factors. If so, then goodwill impairment is determined using a two-step impairment test. From time to time, the Company may perform the first step of the quantitative testing for goodwill impairment in lieu of performing the qualitative assessment. The first step is to compare the fair value of an entity’s reporting units to the respective carrying value of those reporting units. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed whereby the fair value of the reporting unit is allocated to its identifiable tangible and intangible assets and liabilities with any remaining fair value representing the fair value of goodwill. If this resulting fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized in the amount of the shortfall. | |||||||||||||||||||||||||
Intangible Assets — Intangible assets were recorded in the pressure pumping operating segment in connection with the fourth quarter 2010 acquisition of the assets of a pressure pumping business. As a result of the purchase price allocation, the Company recorded intangible assets related to the customer relationships acquired and a non-compete agreement. These intangible assets were recorded at fair value on the date of acquisition. | |||||||||||||||||||||||||
The value of the customer relationships was estimated using a multi-period excess earnings model to determine the present value of the projected cash flows associated with the customers in place at the time of the acquisition and taking into account a contributory asset charge. The resulting intangible asset is being amortized on a straight-line basis over seven years. Amortization expense of approximately $911,000 was recorded in the three months ended March 31, 2014 and 2013 associated with customer relationships. | |||||||||||||||||||||||||
The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Customer relationships | $ | 25,500 | $ | (12,750 | ) | $ | 12,750 | $ | 25,500 | $ | (11,839 | ) | $ | 13,661 | |||||||||||
The non-compete agreement had a term of three years from October 1, 2010. The value of this agreement was estimated using a with and without scenario where cash flows were projected through the term of the agreement assuming the agreement is in place and compared to cash flows assuming the non-compete agreement was not in place. The intangible asset associated with the non-compete agreement was amortized on a straight-line basis over the three-year term of the agreement and was fully amortized by September 30, 2013. Amortization expense of approximately $117,000 was recorded in the three months ended March 31, 2013 associated with the non-compete agreement. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses | ' | ||||||||
6. Accrued Expenses | |||||||||
Accrued expenses consisted of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Salaries, wages, payroll taxes and benefits | $ | 40,848 | $ | 45,836 | |||||
Workers’ compensation liability | 76,842 | 74,975 | |||||||
Property, sales, use and other taxes | 8,674 | 12,367 | |||||||
Insurance, other than workers’ compensation | 10,835 | 10,129 | |||||||
Accrued interest payable | 14,515 | 7,604 | |||||||
Other | 7,302 | 9,546 | |||||||
$ | 159,016 | $ | 160,457 | ||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Retirement Obligation | ' | ||||||||
7. Asset Retirement Obligation | |||||||||
The Company records a liability for the estimated costs to be incurred in connection with the abandonment of oil and natural gas properties in the future. This liability is included in the caption “other” in the liabilities section of the consolidated condensed balance sheet. The following table describes the changes to the Company’s asset retirement obligations during the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 4,837 | $ | 4,422 | |||||
Liabilities incurred | 91 | 71 | |||||||
Liabilities settled | (11 | ) | (13 | ) | |||||
Accretion expense | 42 | 41 | |||||||
Asset retirement obligation at end of period | $ | 4,959 | $ | 4,521 | |||||
Long_Term_Debt
Long Term Debt | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Long Term Debt | ' | ||||
8. Long Term Debt | |||||
Credit Facilities — On September 27, 2012, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent, letter of credit issuer, swing line lender and lender, and each of the other lenders party thereto. The Credit Agreement is a committed senior unsecured credit facility that includes a revolving credit facility and a term loan facility. | |||||
The revolving credit facility permits aggregate borrowings of up to $500 million outstanding at any time. The revolving credit facility contains a letter of credit facility that is limited to $150 million and a swing line facility that is limited to $40 million, in each case outstanding at any time. | |||||
The term loan facility provides for a loan of $100 million, which was drawn on December 24, 2012. The term loan facility is payable in quarterly principal installments, which commenced December 27, 2012. The installment amounts vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments, 5.00% of the original principal amount for the subsequent four quarterly installments and 13.75% of the original principal amount for the final four quarterly installments. | |||||
Subject to customary conditions, the Company may request that the lenders’ aggregate commitments with respect to the revolving credit facility and/or the term loan facility be increased by up to $100 million, not to exceed total commitments of $700 million. The maturity date under the Credit Agreement is September 27, 2017 for both the revolving facility and the term facility. | |||||
Loans under the Credit Agreement bear interest by reference, at the Company’s election, to the LIBOR rate or base rate, provided, that swing line loans bear interest by reference only to the base rate. The applicable margin on LIBOR rate loans varies from 2.25% to 3.25% and the applicable margin on base rate loans varies from 1.25% to 2.25%, in each case determined based upon the Company’s debt to capitalization ratio. As of March 31, 2014, the applicable margin on LIBOR rate loans was 2.25% and the applicable margin on base rate loans was 1.25%. A letter of credit fee is payable by the Company equal to the applicable margin for LIBOR rate loans times the daily amount available to be drawn under outstanding letters of credit. The commitment fee rate payable to the lenders for the unused portion of the credit facility is 0.50%. | |||||
Each domestic subsidiary of the Company other than immaterial subsidiaries has unconditionally guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Credit Agreement and other loan documents. Such guarantees also cover obligations of the Company and any subsidiary of the Company arising under any interest rate swap contract with any person while such person is a lender under the Credit Agreement. | |||||
The Credit Agreement requires compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 45%. The Credit Agreement generally defines the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2014. The Credit Agreement also contains customary representations, warranties and affirmative and negative covenants. | |||||
Events of default under the Credit Agreement include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, as well as a cross default event, loan document enforceability event, change of control event and bankruptcy and other insolvency events. If an event of default occurs and is continuing, then a majority of the lenders have the right, among others, to (i) terminate the commitments under the Credit Agreement, (ii) accelerate and require the Company to repay all the outstanding amounts owed under any loan document (provided that in limited circumstances with respect to insolvency and bankruptcy of the Company, such acceleration is automatic), and (iii) require the Company to cash collateralize any outstanding letters of credit. | |||||
As of March 31, 2014, the Company had $90.0 million principal amount outstanding under the term loan facility at an interest rate of 2.50% and no amounts outstanding under the revolving credit facility. The Company had $39.8 million in letters of credit outstanding at March 31, 2014 and, as a result, had available borrowing capacity of approximately $460 million at that date. | |||||
Senior Notes — On October 5, 2010, the Company completed the issuance and sale of $300 million in aggregate principal amount of its 4.97% Series A Senior Notes due October 5, 2020 (the “Series A Notes”) in a private placement. The Series A Notes bear interest at a rate of 4.97% per annum. The Company will pay interest on the Series A Notes on April 5 and October 5 of each year. The Series A Notes will mature on October 5, 2020. | |||||
On June 14, 2012, the Company completed the issuance and sale of $300 million in aggregate principal amount of its 4.27% Series B Senior Notes due June 14, 2022 (the “Series B Notes”) in a private placement. The Series B Notes bear interest at a rate of 4.27% per annum. The Company will pay interest on the Series B Notes on April 5 and October 5 of each year. The Series B Notes will mature on June 14, 2022. | |||||
The Series A Notes and Series B Notes are senior unsecured obligations of the Company which rank equally in right of payment with all other unsubordinated indebtedness of the Company. The Series A Notes and Series B Notes are guaranteed on a senior unsecured basis by each of the existing domestic subsidiaries of the Company other than immaterial subsidiaries. | |||||
The Series A Notes and Series B Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole” premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | |||||
The respective note purchase agreements require compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for that same period. The Company was in compliance with these covenants at March 31, 2014. | |||||
Events of default under the note purchase agreements include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, a cross default event, a judgment in excess of a threshold event, the guaranty agreement ceasing to be enforceable, the occurrence of certain ERISA events, a change of control event and bankruptcy and other insolvency events. If an event of default under the note purchase agreements occurs and is continuing, then holders of a majority in principal amount of the respective notes have the right to declare all the notes then-outstanding to be immediately due and payable. In addition, if the Company defaults in payments on any note, then until such defaults are cured, the holder thereof may declare all the notes held by it pursuant to the note purchase agreement to be immediately due and payable. | |||||
Debt issuance costs are deferred and recognized as interest expense over the term of the underlying debt. Interest expense related to the amortization of debt issuance costs was approximately $547,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||
Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of March 31, 2014 (in thousands): | |||||
Year ending December 31, | |||||
2014 | $ | 7,500 | |||
2015 | 12,500 | ||||
2016 | 28,750 | ||||
2017 | 41,250 | ||||
2018 | — | ||||
Thereafter | 600,000 | ||||
Total | $ | 690,000 | |||
Commitments_Contingencies_and_
Commitments, Contingencies and Other Matters | 3 Months Ended |
Mar. 31, 2014 | |
Commitments, Contingencies and Other Matters | ' |
9. Commitments, Contingencies and Other Matters | |
As of March 31, 2014, the Company maintained letters of credit in the aggregate amount of $39.8 million for the benefit of various insurance companies as collateral for retrospective premiums and retained losses which could become payable under the terms of the underlying insurance contracts. These letters of credit expire annually at various times during the year and are typically renewed. As of March 31, 2014, no amounts had been drawn under the letters of credit. | |
As of March 31, 2014, the Company had commitments to purchase approximately $317 million of major equipment for its drilling and pressure pumping businesses. | |
The Company’s pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. These agreements expire in 2016 and 2017. As of March 31, 2014, the remaining obligation under these agreements is approximately $24.7 million, of which materials with a total purchase price of approximately $7.2 million are expected to be delivered during the remainder of 2014. In the event that the required minimum quantities are not purchased during any contract year, the Company would be required to make a liquidated damages payment to the respective vendor for any shortfall. | |
In November 2011, the Company’s pressure pumping business entered into an agreement with a proppant vendor to advance up to $12.0 million to such vendor to finance the construction of certain processing facilities. This advance is secured by the underlying processing facilities and bears interest at an annual rate of 5.0%. Repayment of the advance is to be made through discounts applied to purchases from the vendor and repayment of all amounts advanced must be made no later than October 1, 2017. As of March 31, 2014, advances of approximately $11.8 million had been made under this agreement and principal repayments of approximately $3.3 million had been received resulting in a balance outstanding of approximately $8.5 million. | |
In May 2013, the U.S. Equal Employment Opportunity Commission notified the Company of cause findings related to certain of its employment practices. The cause findings relate to allegations that the Company tolerated a hostile work environment for employees based on national origin and race. The cause findings also allege, among other things, failure to promote, subjecting employees to adverse employment terms and conditions and retaliation. The Company and the EEOC engaged in the statutory conciliation process. In March 2014, the EEOC notified us that this matter will be forwarded to its legal unit for litigation review. The Company believes that litigation will ensue. The Company intends to defend itself vigorously and, based on the information available to the Company at this time, the Company does not expect the outcome of this matter to have a material adverse effect on its financial condition, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of this matter. | |
Other than the matter described above, the Company is party to various legal proceedings arising in the normal course of its business; the Company does not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations or cash flows. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Stockholders' Equity | ' | ||||||||
10. Stockholders’ Equity | |||||||||
Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2013 and 2014 as follows: | |||||||||
2013:00:00 | Per Share | Total | |||||||
(in thousands) | |||||||||
Paid on March 29, 2013 | $ | 0.05 | $ | 7,312 | |||||
2014:00:00 | Per Share | Total | |||||||
(in thousands) | |||||||||
Paid on March 27, 2014 | $ | 0.1 | $ | 14,456 | |||||
On April 23, 2014, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.10 per share to be paid on June 26, 2014 to holders of record as of June 12, 2014. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s credit facilities and other factors. | |||||||||
On September 6, 2013, the Company’s Board of Directors approved a stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of March 31, 2014, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock. | |||||||||
During the three months ended March 31, 2014, the Company acquired shares of stock to satisfy payroll tax withholding obligations upon the vesting of restricted stock, which are accounted for as treasury stock. These shares were acquired at fair market value pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan (the “2005 Plan”) and not pursuant to the stock buyback program. | |||||||||
Treasury stock acquisitions during the three months ended March 31, 2014 were as follows (dollars in thousands): | |||||||||
March 31, 2014 | |||||||||
Shares | Cost | ||||||||
Treasury shares at beginning of period | 42,268,057 | $ | 880,888 | ||||||
Acquisitions pursuant to the 2005 Long-Term Incentive Plan | 1,408 | 43 | |||||||
Treasury shares at end of period | 42,269,465 | $ | 880,931 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
11. Income Taxes | |
The Company’s effective income tax rate was 32.7% for the three months ended March 31, 2014, compared to 36.4% for the three months ended March 31, 2013. The Domestic Production Activities Deduction was enacted as part of the American Jobs Creation Act of 2004 (as revised by the Emergency Economic Stabilization Act of 2008), and allows a deduction of 9% on the lesser of qualified production activities income or taxable income. The prior year Domestic Production Activities Deduction was smaller due to lower taxable income after the utilization of bonus depreciation and a federal net operating loss carryforward. In 2014, the Company does not have any remaining federal net operating loss carryforward, and bonus depreciation is currently unavailable, resulting in higher taxable income and, therefore, a larger Domestic Production Activities Deduction. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||
12. Fair Values of Financial Instruments | |||||||||||||||||
The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. | |||||||||||||||||
The estimated fair value of the Company’s outstanding debt balances (including current portion) as of March 31, 2014 and December 31, 2013 is set forth below (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Borrowings under credit agreement: | |||||||||||||||||
Term loan facility | $ | 90,000 | $ | 90,000 | $ | 92,500 | $ | 92,500 | |||||||||
4.97% Series A Senior Notes | 300,000 | 316,398 | 300,000 | 304,293 | |||||||||||||
4.27% Series B Senior Notes | 300,000 | 298,879 | 300,000 | 286,772 | |||||||||||||
Total debt | $ | 690,000 | $ | 705,277 | $ | 692,500 | $ | 683,565 | |||||||||
The carrying values of the balances outstanding under the term loan approximate their fair values as this instrument has a floating interest rate. The fair value of the 4.97% Series A Senior Notes and the 4.27% Series B Senior Notes at March 31, 2014 and December 31, 2013 are based on discounted cash flows associated with the respective notes using current market rates of interest at those respective dates. For the 4.97% Series A Senior Notes, the current market rates used in measuring this fair value were 4.01% at March 31, 2014 and 4.52% at December 31, 2013. For the 4.27% Series B Senior Notes, the current market rates used in measuring this fair value was 4.33% at March 31, 2014 and 4.89% at December 31, 2013. These fair value estimates are based on observable market inputs and are considered Level 2 fair value estimates in the fair value hierarchy of fair value accounting. | |||||||||||||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Recently Issued Accounting Standards | ' |
13. Recently Issued Accounting Standards | |
In February 2013, the FASB issued an accounting standards update to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The requirements in this update are effective during interim and annual periods beginning after December 15, 2013. The adoption of this update did not have a material impact on the Company’s consolidated condensed financial statements. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Event | ' |
14. Subsequent Event | |
On February 21, 2014, the Company’s Board of Directors adopted the Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan (the “2014 Plan”), subject to approval by the Company’s stockholders. In addition, on the same date, the Board of Directors approved, subject to and effective upon the approval by the stockholders of the 2014 Plan, the termination of any future grants under all existing equity plans of Patterson-UTI. On April 17, 2014, the Company’s stockholders approved the 2014 Plan. The aggregate number of shares of Common Stock authorized for grant under the 2014 Plan is 9,100,000, reduced by the number of shares that are subject to awards granted under existing equity plans of Patterson-UTI during the period commencing on January 1, 2014 and ending on the date the 2014 Plan was approved by the stockholders. |
Basis_of_Consolidation_and_Pre1
Basis of Consolidation and Presentation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Calculation of Basic and Diluted Net Income per Share | ' | ||||||||
The following table presents information necessary to calculate net income per share for the three months ended March 31, 2014 and 2013 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
BASIC EPS: | |||||||||
Net income | $ | 34,822 | $ | 56,230 | |||||
Adjust for income attributed to holders of non-vested restricted stock | (353 | ) | (482 | ) | |||||
Income attributed to common stockholders | $ | 34,469 | $ | 55,748 | |||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 | |||||||
Basic net income per common share | $ | 0.24 | $ | 0.38 | |||||
DILUTED EPS: | |||||||||
Income attributed to common stockholders | $ | 34,469 | $ | 55,748 | |||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 | |||||||
Add dilutive effect of potential common shares | 2,207 | 1,956 | |||||||
Weighted average number of diluted common shares outstanding | 145,099 | 146,783 | |||||||
Diluted net income per common share | $ | 0.24 | $ | 0.38 | |||||
Potentially dilutive securities excluded as anti-dilutive | 80 | 1,874 | |||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted | ' | ||||||||||||
Weighted-average assumptions used to estimate the grant date fair values for stock options granted for the three month periods ended March 31, 2014 and 2013 follow: | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Volatility | 35.91 | % | 46.19 | % | |||||||||
Expected term (in years) | 5 | 5 | |||||||||||
Dividend yield | 0.79 | % | 1.07 | % | |||||||||
Risk-free interest rate | 1.75 | % | 0.72 | % | |||||||||
Stock Option Activity | ' | ||||||||||||
Stock option activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Underlying | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise | |||||||||||||
Price | |||||||||||||
Outstanding at January 1, 2014 | 7,319,695 | $ | 21.23 | ||||||||||
Granted | 50,000 | $ | 25.32 | ||||||||||
Exercised | (482,500 | ) | $ | 16.65 | |||||||||
Cancelled | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding at March 31, 2014 | 6,887,195 | $ | 21.58 | ||||||||||
Exercisable at March 31, 2014 | 5,913,737 | $ | 21.64 | ||||||||||
Restricted Stock Activity | ' | ||||||||||||
Restricted stock activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested restricted stock outstanding at January 1, 2014 | 1,496,692 | $ | 20.84 | ||||||||||
Granted | 15,000 | $ | 25.32 | ||||||||||
Vested | (52,752 | ) | $ | 23.08 | |||||||||
Forfeited | (12,757 | ) | $ | 19.95 | |||||||||
Non-vested restricted stock outstanding at March 31, 2014 | 1,446,183 | $ | 20.82 | ||||||||||
Restricted Stock Unit Activity | ' | ||||||||||||
Restricted stock unit activity from January 1, 2014 to March 31, 2014 follows: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested restricted stock units outstanding at January 1, 2013 | 20,256 | $ | 20.67 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Non-vested restricted stock units outstanding at March 31, 2014 | 20,256 | $ | 20.67 | ||||||||||
Stock-Settled Performance Units | ' | ||||||||||||
The total target number of shares with respect to the Stock-Settled Performance Units is set forth below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Target number of shares | 236,500 | 192,000 | 144,375 | ||||||||||
Fair Value of Stock-Settled Performance Units | ' | ||||||||||||
The fair value of the Stock-Settled Performance Units is set forth below (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Fair value at date of grant | $ | 5,564 | $ | 3,065 | $ | 5,569 | |||||||
Compensation Expense Associated with Stock-Settled Performance Units | ' | ||||||||||||
Compensation expense associated with the Stock-Settled Performance Units is shown below (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Performance | Performance | Performance | |||||||||||
Unit Awards | Unit Awards | Unit Awards | |||||||||||
Three months ended March 31, 2014 | $ | 464 | $ | 255 | $ | 464 | |||||||
Three months ended March 31, 2013 | NA | $ | 255 | $ | 464 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Equipment | $ | 5,915,271 | $ | 5,749,975 | |||||
Oil and natural gas properties | 192,299 | 183,571 | |||||||
Buildings | 80,646 | 80,050 | |||||||
Land | 12,048 | 12,054 | |||||||
6,200,264 | 6,025,650 | ||||||||
Less accumulated depreciation and depletion | (2,483,692 | ) | (2,390,109 | ) | |||||
Property and equipment, net | $ | 3,716,572 | $ | 3,635,541 | |||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Segments - Financial Information | ' | ||||||||
Separate financial data for each of our business segments is provided in the table below (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Contract drilling | $ | 426,961 | $ | 420,233 | |||||
Pressure pumping | 240,261 | 231,160 | |||||||
Oil and natural gas | 12,004 | 16,785 | |||||||
Total segment revenues | 679,226 | 668,178 | |||||||
Elimination of intercompany revenues (a) | (1,058 | ) | (1,139 | ) | |||||
Total revenues | $ | 678,168 | $ | 667,039 | |||||
Income before income taxes: | |||||||||
Contract drilling | $ | 67,077 | $ | 72,549 | |||||
Pressure pumping | 1,543 | 28,515 | |||||||
Oil and natural gas | 2,703 | 6,241 | |||||||
71,323 | 107,305 | ||||||||
Corporate and other | (14,291 | ) | (12,248 | ) | |||||
Net gain on asset disposals (b) | 1,744 | (125 | ) | ||||||
Interest income | 176 | 173 | |||||||
Interest expense | (7,188 | ) | (6,766 | ) | |||||
Other | — | 19 | |||||||
Income before income taxes | $ | 51,764 | $ | 88,358 | |||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Identifiable assets: | |||||||||
Contract drilling | $ | 3,675,034 | $ | 3,569,588 | |||||
Pressure pumping | 780,162 | 761,199 | |||||||
Oil and natural gas | 60,461 | 58,656 | |||||||
Corporate and other (c) | 297,238 | 297,684 | |||||||
Total assets | $ | 4,812,895 | $ | 4,687,127 | |||||
(a) | Consists of contract drilling intercompany revenues for drilling services provided to the oil and natural gas exploration and production segment. | ||||||||
(b) | Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments. | ||||||||
(c) | Corporate and other assets primarily include cash on hand and certain deferred tax assets. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill by Operating Segment | ' | ||||||||||||||||||||||||
Goodwill — Goodwill by operating segment as of March 31, 2014 and changes for the three months then ended are as follows (in thousands): | |||||||||||||||||||||||||
Contract | Pressure | Total | |||||||||||||||||||||||
Drilling | Pumping | ||||||||||||||||||||||||
Balance December 31, 2013 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
Changes to goodwill | — | — | — | ||||||||||||||||||||||
Balance March 31, 2014 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Customer Relationships | ' | ||||||||||||||||||||||||
The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Customer relationships | $ | 25,500 | $ | (12,750 | ) | $ | 12,750 | $ | 25,500 | $ | (11,839 | ) | $ | 13,661 | |||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consisted of the following at March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Salaries, wages, payroll taxes and benefits | $ | 40,848 | $ | 45,836 | |||||
Workers’ compensation liability | 76,842 | 74,975 | |||||||
Property, sales, use and other taxes | 8,674 | 12,367 | |||||||
Insurance, other than workers’ compensation | 10,835 | 10,129 | |||||||
Accrued interest payable | 14,515 | 7,604 | |||||||
Other | 7,302 | 9,546 | |||||||
$ | 159,016 | $ | 160,457 | ||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Changes to Company's Asset Retirement Obligations | ' | ||||||||
The following table describes the changes to the Company’s asset retirement obligations during the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 4,837 | $ | 4,422 | |||||
Liabilities incurred | 91 | 71 | |||||||
Liabilities settled | (11 | ) | (13 | ) | |||||
Accretion expense | 42 | 41 | |||||||
Asset retirement obligation at end of period | $ | 4,959 | $ | 4,521 | |||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Schedule of Principal Repayment Requirements of Long Term Debt | ' | ||||
Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of March 31, 2014 (in thousands): | |||||
Year ending December 31, | |||||
2014 | $ | 7,500 | |||
2015 | 12,500 | ||||
2016 | 28,750 | ||||
2017 | 41,250 | ||||
2018 | — | ||||
Thereafter | 600,000 | ||||
Total | $ | 690,000 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Cash Dividends | ' | ||||||||
The Company paid cash dividends during the three months ended March 31, 2013 and 2014 as follows: | |||||||||
2013:00:00 | Per Share | Total | |||||||
(in thousands) | |||||||||
Paid on March 29, 2013 | $ | 0.05 | $ | 7,312 | |||||
2014:00:00 | Per Share | Total | |||||||
(in thousands) | |||||||||
Paid on March 27, 2014 | $ | 0.1 | $ | 14,456 | |||||
Treasury Stock Acquisition | ' | ||||||||
Treasury stock acquisitions during the three months ended March 31, 2014 were as follows (dollars in thousands): | |||||||||
March 31, 2014 | |||||||||
Shares | Cost | ||||||||
Treasury shares at beginning of period | 42,268,057 | $ | 880,888 | ||||||
Acquisitions pursuant to the 2005 Long-Term Incentive Plan | 1,408 | 43 | |||||||
Treasury shares at end of period | 42,269,465 | $ | 880,931 | ||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Estimated Fair Value of Outstanding Debt Balances | ' | ||||||||||||||||
The estimated fair value of the Company’s outstanding debt balances (including current portion) as of March 31, 2014 and December 31, 2013 is set forth below (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Borrowings under credit agreement: | |||||||||||||||||
Term loan facility | $ | 90,000 | $ | 90,000 | $ | 92,500 | $ | 92,500 | |||||||||
4.97% Series A Senior Notes | 300,000 | 316,398 | 300,000 | 304,293 | |||||||||||||
4.27% Series B Senior Notes | 300,000 | 298,879 | 300,000 | 286,772 | |||||||||||||
Total debt | $ | 690,000 | $ | 705,277 | $ | 692,500 | $ | 683,565 | |||||||||
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Net Income per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
BASIC EPS: | ' | ' |
Net income | $34,822 | $56,230 |
Adjust for income attributed to holders of non-vested restricted stock | -353 | -482 |
Income attributed to common stockholders | 34,469 | 55,748 |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 |
Basic net income per common share | $0.24 | $0.38 |
DILUTED EPS: | ' | ' |
Income attributed to common stockholders | $34,469 | $55,748 |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 142,892 | 144,827 |
Add dilutive effect of potential common shares | 2,207 | 1,956 |
Weighted average number of diluted common shares outstanding | 145,099 | 146,783 |
Diluted net income per common share | $0.24 | $0.38 |
Potentially dilutive securities excluded as anti-dilutive | 80 | 1,874 |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted (Detail) (Employee Stock Option) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Employee Stock Option | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Volatility | 35.91% | 46.19% |
Expected term (in years) | '5 years | '5 years |
Dividend yield | 0.79% | 1.07% |
Risk-free interest rate | 1.75% | 0.72% |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Underlying Shares | ' |
Outstanding at beginning of year | 7,319,695 |
Granted | 50,000 |
Exercised | -482,500 |
Cancelled | ' |
Expired | ' |
Outstanding at end of year | 6,887,195 |
Exercisable at end of year | 5,913,737 |
Weighted Average Exercise Price | ' |
Outstanding at beginning of year | $21.23 |
Granted | $25.32 |
Exercised | $16.65 |
Cancelled | ' |
Expired | ' |
Outstanding at end of year | $21.58 |
Exercisable at end of year | $21.64 |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (Restricted Stock Awards, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Awards | ' |
Shares | ' |
Outstanding at beginning of period | 1,496,692 |
Granted | 15,000 |
Vested | -52,752 |
Forfeited | -12,757 |
Outstanding at end of period | 1,446,183 |
Weighted Average Grant Date Fair Value | ' |
Outstanding at beginning of period | $20.84 |
Granted | $25.32 |
Vested | $23.08 |
Forfeited | $19.95 |
Outstanding at end of period | $20.82 |
Restricted_Stock_Unit_Activity
Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Units (RSUs) | ' |
Shares | ' |
Outstanding at beginning of period | 20,256 |
Granted | ' |
Vested | ' |
Forfeited | ' |
Outstanding at end of period | 20,256 |
Weighted Average Grant Date Fair Value | ' |
Outstanding at beginning of period | $20.67 |
Granted | ' |
Vested | ' |
Forfeited | ' |
Outstanding at end of period | $20.67 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (Performance Unit Awards 2011) | 3 Months Ended | 1 Months Ended |
Mar. 31, 2014 | Apr. 30, 2014 | |
Subsequent Event | ||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' |
Performance period | '3 years | ' |
Award description | 'Generally, the recipients will receive a target number of shares if the Company's total shareholder return is positive and, when compared to the peer group, is at the 50thpercentile and two times the target if at the 75th percentile or higher. | ' |
Target number of shares | 144,375 | ' |
Shares issued | ' | 288,750 |
StockSettled_Performance_Units
Stock-Settled Performance Units (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Performance Unit Awards 2013 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Target number of shares | 236,500 |
Performance Unit Awards 2012 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Target number of shares | 192,000 |
Performance Unit Awards 2011 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Target number of shares | 144,375 |
Fair_Value_of_Stock_Settled_Pe
Fair Value of Stock Settled Performance Units (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Performance Unit Awards 2013 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Fair value at date of grant | $5,564 |
Performance Unit Awards 2012 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Fair value at date of grant | 3,065 |
Performance Unit Awards 2011 | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Performance Options [Line Items] | ' |
Fair value at date of grant | $5,569 |
Compensation_Expense_Associate
Compensation Expense Associated with Stock-Settled Performance Units (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Performance Unit Awards 2013 | ' | ' |
Unrecognized Share Based Compensation Expense [Line Items] | ' | ' |
Stock-based compensation expense associated with Stock-Settled Performance Units | $464 | ' |
Performance Unit Awards 2012 | ' | ' |
Unrecognized Share Based Compensation Expense [Line Items] | ' | ' |
Stock-based compensation expense associated with Stock-Settled Performance Units | 255 | 255 |
Performance Unit Awards 2011 | ' | ' |
Unrecognized Share Based Compensation Expense [Line Items] | ' | ' |
Stock-based compensation expense associated with Stock-Settled Performance Units | $464 | $464 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment | $5,915,271 | $5,749,975 |
Oil and natural gas properties | 192,299 | 183,571 |
Buildings | 80,646 | 80,050 |
Land | 12,048 | 12,054 |
Property, Plant and Equipment, Gross, Total | 6,200,264 | 6,025,650 |
Less accumulated depreciation and depletion | -2,483,692 | -2,390,109 |
Property and equipment, net | $3,716,572 | $3,635,541 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting Disclosure [Line Items] | ' |
Number of reportable business segments | 3 |
Business_Segments_Revenues_Det
Business Segments - Revenues (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ||
Oil and natural gas | $12,004 | $16,785 | ||
Total operating revenues | 678,168 | 667,039 | ||
Operating Segments | ' | ' | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ||
Oil and natural gas | 12,004 | 16,785 | ||
Total operating revenues | 679,226 | 668,178 | ||
Operating Segments | Contract Drilling | ' | ' | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ||
Oil and gas services | 426,961 | 420,233 | ||
Operating Segments | Pressure Pumping | ' | ' | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ||
Oil and gas services | 240,261 | 231,160 | ||
Intersegment Elimination | ' | ' | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ||
Total operating revenues | ($1,058) | [1] | ($1,139) | [1] |
[1] | Consists of contract drilling intercompany revenues for drilling services provided to the oil and natural gas exploration and production segment. |
Business_Segments_Income_Loss_
Business Segments - Income (Loss) from Continuing Operations Before Income Taxes (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | $58,776 | $94,932 | ||
Net gain on asset disposals | 1,744 | [1] | -125 | [1] |
Interest income | 176 | 173 | ||
Interest expense | -7,188 | -6,766 | ||
Other | ' | 19 | ||
Income before income taxes | 51,764 | 88,358 | ||
Operating Segments | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | 71,323 | 107,305 | ||
Operating Segments | Contract Drilling | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | 67,077 | 72,549 | ||
Operating Segments | Pressure Pumping | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | 1,543 | 28,515 | ||
Operating Segments | Oil and Natural Gas | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | 2,703 | 6,241 | ||
Corporate and other | ' | ' | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Operating income (loss) | ($14,291) | ($12,248) | ||
[1] | Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments. |
Business_Segments_Assets_Detai
Business Segments - Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $4,812,895 | $4,687,127 | ||
Operating Segments | Contract Drilling | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 3,675,034 | 3,569,588 | ||
Operating Segments | Pressure Pumping | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 780,162 | 761,199 | ||
Operating Segments | Oil and Natural Gas | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 60,461 | 58,656 | ||
Corporate and other | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $297,238 | [1] | $297,684 | [1] |
[1] | Corporate and other assets primarily include cash on hand and certain deferred tax assets. |
Goodwill_by_Operating_Segment_
Goodwill by Operating Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $153,809 |
Changes to goodwill | ' |
Ending Balance | 153,809 |
Contract Drilling | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 86,234 |
Changes to goodwill | ' |
Ending Balance | 86,234 |
Pressure Pumping | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 67,575 |
Changes to goodwill | ' |
Ending Balance | $67,575 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2010 | Mar. 31, 2013 | Sep. 30, 2013 |
Customer Relationships | Customer Relationships | Non-compete Agreement | Non-compete Agreement | Non-compete Agreement | |||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Accumulated impairment losses | $0 | $0 | ' | ' | ' | ' | ' |
Amortization period (in years) | ' | ' | '7 years | ' | ' | ' | '3 years |
Amortization expense | ' | ' | $911,000 | $911,000 | ' | $117,000 | ' |
Contract term | ' | ' | ' | ' | '3 years | ' | ' |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (Customer Relationships, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Customer Relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $25,500 | $25,500 |
Accumulated Amortization | -12,750 | -11,839 |
Net Carrying Amount | $12,750 | $13,661 |
Summary_of_Accrued_Expenses_De
Summary of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Salaries, wages, payroll taxes and benefits | $40,848 | $45,836 |
Workers' compensation liability | 76,842 | 74,975 |
Property, sales, use and other taxes | 8,674 | 12,367 |
Insurance, other than workers' compensation | 10,835 | 10,129 |
Accrued interest payable | 14,515 | 7,604 |
Other | 7,302 | 9,546 |
Accrued expenses | $159,016 | $160,457 |
Changes_to_Companys_Asset_Reti
Changes to Company's Asset Retirement Obligations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Changes in Asset Retirement Obligations [Line Items] | ' | ' |
Balance at beginning of year | $4,837 | $4,422 |
Liabilities incurred | 91 | 71 |
Liabilities settled | -11 | -13 |
Accretion expense | 42 | 41 |
Asset retirement obligation at end of period | $4,959 | $4,521 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Oct. 05, 2010 | Oct. 05, 2010 | Oct. 05, 2010 | Jun. 14, 2012 | Jun. 14, 2012 | Jun. 14, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Sep. 27, 2012 | Oct. 05, 2010 | Jun. 14, 2012 | Oct. 05, 2010 | Jun. 14, 2012 | Mar. 31, 2014 | Sep. 27, 2012 | Sep. 27, 2012 | Mar. 31, 2014 | Sep. 27, 2012 | Sep. 27, 2012 | |
Revolving Credit Facility | Term Loan Facility | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | 4.97% Series A Senior Notes, Due October 5th 2020 | 4.97% Series A Senior Notes, Due October 5th 2020 | 4.97% Series A Senior Notes, Due October 5th 2020 | 4.27% Series B Senior Notes, Due June 14th 2022 | 4.27% Series B Senior Notes, Due June 14th 2022 | 4.27% Series B Senior Notes, Due June 14th 2022 | Letter of Credit | Swing Line Facility | Term Loan | Semi Annual Payment, First Payment | Semi Annual Payment, First Payment | Semi Annual Payment, Second Payment | Semi Annual Payment, Second Payment | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Base Rate | Base Rate | Base Rate | |||
LegalMatter | First Four Quarterly Installments | Subsequent Eight Quarterly Installments | Subsequent Four Quarterly Installments | Amount For The Final Four Quarterly Installments | Revolving Credit Facility | Term Loan Facility | Maximum | Minimum | LegalMatter | Maximum | Minimum | LegalMatter | Maximum | Minimum | Credit Agreement | Credit Agreement | Credit Agreement | 4.97% Series A Senior Notes, Due October 5th 2020 | 4.27% Series B Senior Notes, Due June 14th 2022 | 4.97% Series A Senior Notes, Due October 5th 2020 | 4.27% Series B Senior Notes, Due June 14th 2022 | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | |||||||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Maximum | Minimum | Maximum | Minimum | ||||||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current aggregate borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | $40,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, frequency of payment and payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The term loan facility is payable in quarterly principal installments, which commenced December 27, 2012. The installment amounts vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments, 5.00% of the original principal amount for the subsequent four quarterly installments and 13.75% of the original principal amount for the final four quarterly installments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, frequency of payments | ' | ' | ' | ' | 'Quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commencement date of principal payments | ' | ' | ' | ' | 27-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment amounts percentage of the original principal amount | ' | ' | ' | ' | ' | 1.25% | 2.50% | 5.00% | 13.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount by which the revolving credit facility can be increased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Sep-17 | ' | ' | ' | 5-Oct-20 | ' | ' | 14-Jun-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 3.25% | 2.25% | 1.25% | 2.25% | 1.25% |
Commitment fee payable to the lenders for the unused portion of the credit facility | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenant description | ' | ' | ' | ' | 'The Company must not permit its debt to capitalization ratio to exceed 45%. The Credit Agreement generally defines the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (bEBITDAb) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of compliance covenants | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to capitalization ratio, percentage the Company must not exceed at any time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300.00% | ' | ' | 250.00% | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | 0 | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded letters of credit, amount outstanding | 39,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, available borrowing capacity | 460,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Oct-10 | ' | ' | 14-Jun-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.97% | ' | ' | 4.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest pay date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April 5 | 'April 5 | 'October 5 | 'October 5 | ' | ' | ' | ' | ' | ' |
Description of the prepayment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Notes are prepayable at the Companybs option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date | ' | ' | 'Notes are prepayable at the Companybs option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment terms, percent of principal before accrued and unpaid interest and "make-whole" premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of the acceptance terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ' | ' | 'If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acceptance terms, percent of principal before accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenant description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for that same period. The Company was in compliance with these covenants at March 31, 2014. | ' | ' | 'The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for that same period. The Company was in compliance with these covenants at March 31, 2014. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense related to amortization of debt issuance costs | $547,000 | $547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Principal_Repaymen
Schedule of Principal Repayment Requirements of Long Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' | ' |
2014 | $7,500 | ' |
2015 | 12,500 | ' |
2016 | 28,750 | ' |
2017 | 41,250 | ' |
2018 | ' | ' |
Thereafter | 600,000 | ' |
Total | $690,000 | $692,500 |
Commitments_Contingencies_and_1
Commitments Contingencies and Other Matters - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Commitments and Contingencies Disclosure [Line Items] | ' |
Letters of credit, collateral for retrospective premiums and retained losses | $39.80 |
Commitments to purchase major equipment | 317 |
Current obligation | 24.7 |
Obligation for remainder of the year | 7.2 |
Non Revolving Senior Secured Term Loan | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Advance to non-affiliates | 12 |
Notes receivable interest rate | 5.00% |
Notes receivable | 11.8 |
Repayment of notes receivable | 3.3 |
Notes receivable outstanding | $8.50 |
Cash_Dividends_Detail
Cash Dividends (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders Equity Note [Line Items] | ' | ' |
Cash dividends paid | $14,456 | ' |
Period 1 | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Cash dividends paid, date | 27-Mar-14 | 29-Mar-13 |
Cash dividends paid, per share | $0.10 | $0.05 |
Cash dividends paid | $14,456 | $7,312 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 06, 2013 | Apr. 30, 2014 |
2013 Program | Dividend Declared | ||
Maximum | Subsequent Event | ||
Stockholders Equity Note [Line Items] | ' | ' | ' |
Dividend declaration date | ' | ' | 23-Apr-14 |
Dividend per share, declared | ' | ' | $0.10 |
Dividend payment date | ' | ' | 26-Jun-14 |
Dividend record date | ' | ' | 12-Jun-14 |
Amount approved for repurchases under stock buyback program | ' | $200 | ' |
Remaining Amount approved for repurchases under stock buyback program | $187 | ' | ' |
Treasury_Stock_Acquisition_Det
Treasury Stock Acquisition (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Schedule of Treasury Stock [Line Items] | ' |
Treasury stock acquired, Shares, Beginning balance | 42,268,057 |
Treasury stock acquired, Shares, Ending balance | 42,269,465 |
Treasury stock acquired, Values, Beginning balance | $880,888 |
Treasury stock acquired, Values | 43 |
Treasury stock acquired, Values, Ending balance | 880,931 |
2005 Long Term Incentive Plan | ' |
Schedule of Treasury Stock [Line Items] | ' |
Treasury stock acquired, Shares | 1,408 |
Treasury stock acquired, Values | $43 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Line Items] | ' | ' |
Effective income tax rate | 32.70% | 36.40% |
Domestic Production Activities Deduction | 9.00% | ' |
Estimated_Fair_Value_of_Outsta
Estimated Fair Value of Outstanding Debt Balances (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying value of Debt | $690,000 | $692,500 |
Fair value of Debt | 705,277 | 683,565 |
Term Loan Facility | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying value of Debt | 90,000 | 92,500 |
Fair value of Debt | 90,000 | 92,500 |
4.97% Series A Senior Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying value of Debt | 300,000 | 300,000 |
Fair value of Debt | 316,398 | 304,293 |
4.27% Series B Senior Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying value of Debt | 300,000 | 300,000 |
Fair value of Debt | $298,879 | $286,772 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
4.97% Series A Senior Notes, Due October 5th 2020 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Current market rates used in measuring fair value | 4.01% | 4.52% |
4.27% Series B Senior Notes, Due June 14th 2022 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Current market rates used in measuring fair value | 4.33% | 4.89% |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event, 2014 Plan) | Apr. 17, 2014 |
Subsequent Event | 2014 Plan | ' |
Subsequent Event [Line Items] | ' |
Aggregate number of shares of Common Stock authorized for grant under the 2014 Plan | 9,100,000 |