þ | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 73-0618660 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
5 Greenway Plaza, Suite 100, Houston, Texas | 77046 | |
(Address of principal executive offices) | (Zip code) |
Title of Each Class | Name of Each Exchange on Which Registered: | |
Common Stock, par value $0.16 2/3 per share | New York Stock Exchange |
Large accelerated filer ¨ | Accelerated filer þ | Non-accelerated filer ¨ | Smaller reporting company ¨ | |||
(Do not check if a smaller reporting company) |
Page | ||
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
EX-12.1 | ||
EX-21 | ||
EX-23.1 | ||
EX-31.1 | ||
EX-31.2 | ||
EX-32.1 | ||
EX-32.2 |
• | customers that typically are major, independent or national oil and natural gas companies or integrated service providers; |
• | drilling programs in remote locations with little infrastructure, requiring a large inventory of spare parts and other ancillary equipment and self-supported service capabilities; |
• | complex wells and/or harsh environments (such as high pressures, deep depths, hazardous or geologically challenging conditions and sensitive environments) requiring specialized equipment and considerable experience to drill; and |
• | drilling and O&M contracts that generally cover periods of one year or more. |
• | Consistently delivering innovative, reliable, and efficient results that help our customers reduce their operational risks and manage their operating costs; and |
• | Investing to improve and grow our existing business lines and to expand the scope of products and services we offer, both organically and through acquisitions. |
December 31, | |||||
2016 | 2015 | ||||
U.S. (Lower 48) Drilling | 111 | 160 | |||
International & Alaska Drilling | 1,078 | 1,286 | |||
U.S. Rental Tools | 198 | 248 | |||
International Rental Tools | 636 | 694 | |||
Corporate | 176 | 179 | |||
Total employees | 2,199 | 2,567 |
• | Gary G. Rich, 58, joined the Company in October 2012 as the president and chief executive officer. Mr. Rich also serves as Chairman of the Company’s board of directors. He is an industry veteran with over 30 years of global technical, commercial and operations experience. Mr. Rich came to Parker Drilling after a 25-year career with Baker Hughes Incorporated. Mr. Rich served as vice president of global sales for Baker Hughes from August 2011 to October 2012, and prior to that role, he served as president of that company’s European operations from April 2009 to August 2011. Previously, Mr. Rich was president of Hughes Christensen Company, a division of Baker Hughes primarily focused on the production and distribution of drilling bits for the petroleum industry. |
• | Christopher T. Weber, 44, joined the Company in May 2013 as the senior vice president and chief financial officer. Prior to joining the Company, Mr. Weber served as the vice president and treasurer of Ensco plc, a public offshore drilling company, from 2011 to May 2013. From 2009 to 2011, Mr. Weber served as vice president, operations for Pride International, Inc., prior to which he served as director, corporate planning and development from 2006 to 2009. |
• | Jon-Al Duplantier, 49, is the senior vice president, chief administrative officer, general counsel, and secretary of the Company, a position held since 2013. Mr. Duplantier has over 20 years' experience in the oil and natural gas industry. Mr. Duplantier joined the Company in 2009 as vice president and general counsel. From 1995 to 2009, Mr. Duplantier served in several legal and business roles at ConocoPhillips, including senior counsel – Exploration and Production, vice president and general counsel – Conoco Phillips Indonesia, and vice president and general counsel – Dubai Petroleum Company. Prior to joining ConocoPhillips, he served as a patent attorney for DuPont from 1992 to 1995. |
• | Bryan R. Collins, 50, was appointed president of drilling operations for the Company on January 1, 2017. Prior to this appointment, Mr. Collins served as vice president - Arctic and Latin America operations from April 2016 to December 2016, vice president of Arctic operations from March 2013 to April 2016, and global director of business development from February 2012 to March 2013. Before joining the Company, Mr. Collins served in various operational and senior management roles at Schlumberger, Ltd., including vice president for drilling and measurements operations in Russia. Prior to his time at Schlumberger, Mr. Collins served as a global account manager for ExxonMobil’s worldwide drilling operations. |
• | Leslie K. Nagy, 42, was appointed principal accounting officer and controller on April 1, 2014. Mrs. Nagy served as director of finance and assistant controller of the Company from December 2012 through March 2014, as assistant |
• | David W. Tucker, 61, treasurer, joined the Company in 1978 as a financial analyst and served in various financial and accounting positions before being named chief financial officer of our formerly wholly-owned subsidiary, Hercules Offshore Corporation, in February 1998. Mr. Tucker was named treasurer of the Company in 1999. |
• | the demand for oil and natural gas; |
• | the cost of exploring for, producing and delivering oil and natural gas; |
• | expectations regarding future energy prices; |
• | advances in exploration, development and production technology; |
• | the ability of the Organization of Petroleum Exporting Countries (OPEC) to set and maintain production levels and prices; |
• | the level of production by non-OPEC countries; |
• | the adoption or repeal of laws and government regulations, both in the United States and other countries; |
• | the imposition or lifting of economic sanctions against certain regions, persons and other entities; |
• | the number of ongoing and recently completed rig construction projects which may create overcapacity; |
• | local and worldwide military, political and economic events, including events in the oil producing regions of Africa, the Middle East, Russia, Central Asia, Southeast Asia and Latin America; |
• | weather conditions; |
• | expansion or contraction of worldwide economic activity, which affects levels of consumer and industrial demand; |
• | the rate of discovery of new oil and natural gas reserves; |
• | domestic and foreign tax policies; |
• | acts of terrorism in the United States or elsewhere; |
• | the development and use of alternative energy sources; and |
• | the policies of various governments regarding exploration and development of their oil and natural gas reserves. |
• | $585.0 million principal amount of long-term debt; |
• | $37.3 million of operating lease commitments; and |
• | $9.8 million of standby letters of credit. |
• | delay spending on capital projects, including maintenance projects and the acquisition or construction of additional rigs, rental tools and other assets; |
• | issue additional equity; |
• | sell assets; or |
• | restructure or refinance our debt. |
• | result in a reduction of our credit rating, which would make it more difficult for us to obtain additional financing on acceptable terms; |
• | require us to dedicate a substantial portion of our cash flows from operating activities to the repayment of our debt and the interest associated with our debt; |
• | limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt and creating liens on our properties; |
• | place us at a competitive disadvantage compared with our competitors that have relatively less debt; and |
• | make us more vulnerable to downturns in our business. |
• | make investments and other restricted payments, including dividends; |
• | incur additional indebtedness; |
• | create liens; |
• | engage in sale leaseback transactions; |
• | repurchase our common stock or Senior Notes; |
• | sell our assets or consolidate or merge with or into other companies; and |
• | engage in transactions with affiliates. |
• | breakdowns of our equipment or the equipment of others necessary for continuation of operations; |
• | work stoppages, including labor strikes; |
• | shortages of material and skilled labor; |
• | severe weather or harsh operating conditions; |
• | the occurrence or threat of epidemic or pandemic diseases or any government response to such occurrence or threat; |
• | the early termination of contracts; and |
• | force majeure events. |
• | shortages of equipment or skilled labor; |
• | unforeseen engineering problems; |
• | unanticipated change orders; |
• | work stoppages; |
• | adverse weather conditions; |
• | unexpectedly long delivery times for manufactured rig components; |
• | unanticipated repairs to correct defects in construction not covered by warranty; |
• | failure or delay of third-party equipment vendors or service providers; |
• | unforeseen increases in the cost of equipment, labor or raw materials, particularly steel; |
• | disputes with customers, shipyards or suppliers; |
• | latent damages or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions; |
• | financial or other difficulties with current customers at shipyards and suppliers; |
• | loss of revenue associated with downtime to remedy malfunctioning equipment not covered by warranty; |
• | unanticipated cost increases; |
• | loss of revenue and payments of liquidated damages for downtime to perform repairs associated with defects, unanticipated equipment refurbishment and delays in commencement of operations; and |
• | lack of ability to obtain the required permits or approvals, including import/export documentation. |
• | political, social and economic instability, war, terrorism and civil disturbances; |
• | economic sanctions imposed by the U.S. government against other countries, groups, or individuals, or economic sanctions imposed by other governments against the U.S. or businesses incorporated in the U.S.; |
• | limitations on insurance coverage, such as war risk coverage, in certain areas; |
• | expropriation, confiscatory taxation and nationalization of our assets; |
• | foreign laws and governmental regulation, including inconsistencies and unexpected changes in laws or regulatory requirements, and changes in interpretations or enforcement of existing laws or regulations; |
• | increases in governmental royalties; |
• | import-export quotas or trade barriers; |
• | hiring and retaining skilled and experienced workers, some of whom are represented by foreign labor unions; |
• | work stoppages; |
• | damage to our equipment or violence directed at our employees, including kidnapping; |
• | piracy of vessels transporting our people or equipment; |
• | unfavorable changes in foreign monetary and tax policies; |
• | solicitation by government officials for improper payments or other forms of corruption; |
• | foreign currency fluctuations and restrictions on currency repatriation; |
• | repudiation, nullification, modification or renegotiation of contracts; and |
• | other forms of governmental regulation and economic conditions that are beyond our control. |
• | any acquisitions would result in an increase in income or earnings per share; |
• | any acquisitions would be successfully integrated into our operations and internal controls; |
• | the due diligence prior to an acquisition would uncover situations that could result in financial or legal exposure, or that we will appropriately quantify the exposure from known risks; |
• | any disposition would not result in decreased earnings, revenues, or cash flow; |
• | use of cash for acquisitions would not adversely affect our cash available for capital expenditures and other uses; |
• | any dispositions, investments, acquisitions, or integrations would not divert management resources; or |
• | any dispositions, investments, acquisitions, or integrations would not have a material adverse effect on our results of operations or financial condition. |
• | the other risk factors described in this Form 10-K, including changes in oil and natural gas prices; |
• | a shortfall in rig utilization, operating revenues or net income from that expected by securities analysts and investors; |
• | changes in securities analysts’ estimates of the financial performance of us or our competitors or the financial performance of companies in the oilfield service industry generally; |
• | changes in actual or market expectations with respect to the amounts of exploration and development spending by oil and natural gas companies; |
• | general conditions in the economy and in energy-related industries; |
• | general conditions in the securities markets; |
• | political instability, terrorism or war; and |
• | the outcome of pending and future legal proceedings, investigations, tax assessments and other claims. |
Name | Type(1) | Year entered into service/ upgraded | Drilling depth rating (in feet) | Location | |||||
International & Alaska Drilling | |||||||||
Eastern Hemisphere | |||||||||
Rig 231 | L | 1981/1997 | 13,000 | Indonesia | |||||
Rig 253 | L | 1982/1996 | 15,000 | Indonesia | |||||
Rig 226 | HH | 1989/2010 | 18,000 | Papua New Guinea | |||||
Rig 107 | L | 1983/2009 | 15,000 | Kazakhstan | |||||
Rig 216 | L | 2001/2009 | 25,000 | Kazakhstan | |||||
Rig 249 | L | 2000/2009 | 25,000 | Kazakhstan | |||||
Rig 257 | B | 1999/2010 | 30,000 | Kazakhstan | |||||
Rig 258 | L | 2001/2009 | 25,000 | Kazakhstan | |||||
Rig 247 | L | 1981/2008 | 20,000 | Iraq, Kurdistan Region | |||||
Rig 269 | L | 2008 | 21,000 | Iraq, Kurdistan Region | |||||
Rig 265 | L | 2007 | 20,000 | Iraq, Kurdistan Region | |||||
Rig 264 | L | 2007 | 20,000 | Tunisia | |||||
Rig 270 | L | 2011 | 21,000 | Russia | |||||
Latin America | |||||||||
Rig 271 | L | 1982/2009 | 30,000 | Colombia | |||||
Rig 266 | L | 2008 | 20,000 | Guatemala | |||||
Rig 122 | L | 1980/2008 | 18,000 | Mexico | |||||
Rig 165 | L | 1978/2007 | 30,000 | Mexico | |||||
Rig 221 | L | 1982/2007 | 30,000 | Mexico | |||||
Rig 256 | L | 1978/2007 | 25,000 | Mexico | |||||
Rig 267 | L | 2008 | 20,000 | Mexico | |||||
Alaska | |||||||||
Rig 272 | L | 2013 | 18,000 | Alaska | |||||
Rig 273 | L | 2012 | 18,000 | Alaska | |||||
U.S. (Lower 48) Drilling | |||||||||
Rig 8 | B | 1978/2007 | 14,000 | GOM | |||||
Rig 12 | B | 1979/2006 | 18,000 | GOM | |||||
Rig 15 | B | 1978/2007 | 15,000 | GOM | |||||
Rig 20 | B | 1981/2007 | 13,000 | GOM | |||||
Rig 21 | B | 1979/2012 | 14,000 | GOM | |||||
Rig 30 | B | 2014 | 18,000 | GOM | |||||
Rig 50 | B | 1981/2006 | 20,000 | GOM | |||||
Rig 51 | B | 1981/2008 | 20,000 | GOM | |||||
Rig 54 | B | 1980/2006 | 25,000 | GOM | |||||
Rig 55 | B | 1981/2014 | 25,000 | GOM | |||||
Rig 72 | B | 1982/2005 | 25,000 | GOM | |||||
Rig 76 | B | 1977/2009 | 30,000 | GOM | |||||
Rig 77 | B | 2006/2006 | 30,000 | GOM |
2016 | 2015 | ||||||||||||||
Quarter | High | Low | High | Low | |||||||||||
First | $ | 2.34 | $ | 0.98 | $ | 3.74 | $ | 2.51 | |||||||
Second | $ | 3.16 | $ | 2.00 | $ | 4.55 | $ | 3.25 | |||||||
Third | $ | 2.44 | $ | 1.84 | $ | 3.43 | $ | 2.34 | |||||||
Fourth | $ | 2.90 | $ | 1.70 | $ | 3.64 | $ | 1.75 |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 (1) | 2012 | |||||||||||||||
Dollars in Thousands, Except Per Share Amounts | |||||||||||||||||||
Income Statement Data | |||||||||||||||||||
Total revenues | $ | 427,004 | $ | 712,183 | $ | 968,684 | $ | 874,172 | $ | 677,761 | |||||||||
Total operating income (loss) | (111,257 | ) | (17,338 | ) | 120,220 | 101,872 | 107,273 | ||||||||||||
Net income (loss) | (230,814 | ) | (94,284 | ) | 24,461 | 27,179 | 37,098 | ||||||||||||
Net income (loss) attributable to controlling interest | (230,814 | ) | (95,073 | ) | 23,451 | 27,015 | 37,313 | ||||||||||||
Basic earnings per share: | |||||||||||||||||||
Net income (loss) | $ | (1.86 | ) | $ | (0.77 | ) | $ | 0.20 | $ | 0.23 | $ | 0.32 | |||||||
Net income (loss) attributable to controlling interest | $ | (1.86 | ) | $ | (0.78 | ) | $ | 0.19 | $ | 0.23 | $ | 0.32 | |||||||
Diluted earnings per share: | |||||||||||||||||||
Net income (loss) | $ | (1.86 | ) | $ | (0.77 | ) | $ | 0.20 | $ | 0.22 | $ | 0.31 | |||||||
Net income (loss) attributable to controlling interest | $ | (1.86 | ) | $ | (0.78 | ) | $ | 0.19 | $ | 0.22 | $ | 0.31 | |||||||
Balance Sheet Data | |||||||||||||||||||
Total assets (2) | $ | 1,103,551 | $ | 1,366,702 | $ | 1,509,000 | $ | 1,521,775 | $ | 1,248,133 | |||||||||
Total long-term debt including current portion of long-term debt (2) | 576,326 | 574,798 | 603,341 | 640,800 | 471,605 | ||||||||||||||
Total equity | 339,135 | 568,512 | 666,214 | 633,142 | 590,633 |
(1) | The 2013 results include $22.5 million of acquisition costs related to the acquisition of ITS on April 22, 2013. |
(2) | The Company adopted, effective January 1, 2016, newly issued accounting guidance ASU 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. We reflected the impact of the new accounting guidance during each of the quarterly periods in our respective Quarterly Reports on Form 10-Q filed with the SEC during 2016. |
2016 | % Change | 2015 | % Change | 2014 | |||||||||||||
Worldwide Rig Count (1) | |||||||||||||||||
U.S. (land and offshore) | 510 | (48 | )% | 978 | (47 | )% | 1,862 | ||||||||||
International (2) | 955 | (18 | )% | 1,167 | (13 | )% | 1,337 | ||||||||||
Commodity Prices (annual average) (3) | |||||||||||||||||
Crude Oil (United Kingdom Brent) | $ | 45.13 | (16 | )% | $ | 53.60 | (46 | )% | $ | 99.45 | |||||||
Crude Oil (West Texas Intermediate) | $ | 43.47 | (11 | )% | $ | 48.78 | (48 | )% | $ | 92.93 | |||||||
Natural Gas (Henry Hub) | $ | 2.55 | (3 | )% | $ | 2.63 | (38 | )% | $ | 4.26 |
• | We were awarded an extension and an additional rig to our O&M contract on Sakhalin Island, Russia. The O&M contract term was extended through June 2019 and a newly constructed fourth customer-owned extended-reach drilling rig was added. As a result of the extension and additional rig, over $180 million in revenues was added to our contracted backlog. Our operation on Sakhalin Island now includes a total of five rigs, including one Company-owned rig. |
• | We were awarded a seven-year O&M contract for the Hibernia platform located off the Atlantic Coast of Canada. |
• | Since the end of 2015, we increased our contracted backlog 30 percent to $379 million. |
• | We were awarded several new contracts for our International Rentals Tools segment in the Middle East utilizing the technology acquired in the 2M-Tek Acquisition. |
• | Our U.S. Rental Tools Tubular Goods Utilization Index increased 65 percent since bottoming in May 2016. |
• | We set a safety record with the lowest total recordable rate in the Company's history. |
• | Our Drilling Services business, including Company-owned and customer-owned rigs, achieved a record low 0.77 percent downtime for the year with four of the rigs operating the full year with zero downtime. |
• | In May 2016, we amended our credit agreement to provide covenant relief and flexibility to help navigate the prolonged industry downturn. |
• | We were able to finish 2016 with almost $210 million in total liquidity, primarily due to our emphasis on cash flow and our proactive management of receivables. |
• | We complied with all of our obligations under the Deferred Prosecution Agreement (“DPA”) and on May 20, 2016, the United States’ case against the Company was dismissed and the DPA was terminated. |
Year Ended December 31, | |||||||||||||
2016 | 2015 | ||||||||||||
Dollars in Thousands | |||||||||||||
Revenues: | |||||||||||||
Drilling Services: | |||||||||||||
U.S. (Lower 48) Drilling | $ | 5,429 | 1 | % | $ | 30,358 | 4 | % | |||||
International & Alaska Drilling | 287,332 | 67 | % | 435,096 | 61 | % | |||||||
Total Drilling Services | 292,761 | 68 | % | 465,454 | 65 | % | |||||||
Rental Tools Services: | |||||||||||||
U.S. Rental Tools | 71,613 | 17 | % | 141,889 | 20 | % | |||||||
International Rental Tools | 62,630 | 15 | % | 104,840 | 15 | % | |||||||
Total Rental Tools Services | 134,243 | 32 | % | 246,729 | 35 | % | |||||||
Total revenues | 427,004 | 100 | % | 712,183 | 100 | % | |||||||
Operating gross margin (loss) excluding depreciation and amortization: | |||||||||||||
Drilling Services: | |||||||||||||
U.S. (Lower 48) Drilling | (14,304 | ) | (263 | )% | (5,889 | ) | (19 | )% | |||||
International & Alaska Drilling | 64,508 | 22 | % | 109,750 | 25 | % | |||||||
Total Drilling Services | 50,204 | 17 | % | 103,861 | 22 | % | |||||||
Rental Tools Services: | |||||||||||||
U.S. Rental Tools | 21,397 | 30 | % | 64,833 | 46 | % | |||||||
International Rental Tools | (7,118 | ) | (11 | )% | 17,199 | 16 | % | ||||||
Total Rental Tools Services | 14,279 | 11 | % | 82,032 | 33 | % | |||||||
Total operating gross margin (loss) excluding depreciation and amortization | 64,483 | 15 | % | 185,893 | 26 | % | |||||||
Depreciation and amortization | (139,795 | ) | (156,194 | ) | |||||||||
Total operating gross margin (loss) | (75,312 | ) | 29,699 | ||||||||||
General and administrative expense | (34,332 | ) | (36,190 | ) | |||||||||
Provision for reduction in carrying value of certain assets | — | (12,490 | ) | ||||||||||
Gain (loss) on disposition of assets, net | (1,613 | ) | 1,643 | ||||||||||
Total operating income (loss) | $ | (111,257 | ) | $ | (17,338 | ) |
Dollars in Thousands | U.S. (Lower 48) Drilling | International & Alaska Drilling | U.S. Rental Tools | International Rental Tools | Total | |||||||||||||||
Year Ended December 31, 2016 | ||||||||||||||||||||
Operating gross margin (loss)(1) | $ | (34,353 | ) | $ | 9,272 | $ | (22,372 | ) | $ | (27,859 | ) | $ | (75,312 | ) | ||||||
Depreciation and amortization | 20,049 | 55,236 | 43,769 | 20,741 | 139,795 | |||||||||||||||
Operating gross margin (loss) excluding depreciation and amortization | $ | (14,304 | ) | $ | 64,508 | $ | 21,397 | $ | (7,118 | ) | $ | 64,483 | ||||||||
Year Ended December 31, 2015 | ||||||||||||||||||||
Operating gross margin (loss)(1) | $ | (28,309 | ) | $ | 45,211 | $ | 17,380 | $ | (4,583 | ) | $ | 29,699 | ||||||||
Depreciation and amortization | 22,420 | 64,539 | 47,453 | 21,782 | 156,194 | |||||||||||||||
Operating gross margin (loss) excluding depreciation and amortization | $ | (5,889 | ) | $ | 109,750 | $ | 64,833 | $ | 17,199 | $ | 185,893 |
(1) | Operating gross margin (loss) is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
December 31, | |||||
2016 | 2015 | ||||
U.S. (Lower 48) Drilling | |||||
Rigs available for service (1) | 13.0 | 13.0 | |||
Utilization rate of rigs available for service (2) | 5 | % | 15 | % | |
International & Alaska Drilling | |||||
Eastern Hemisphere | |||||
Rigs available for service (1) | 13.0 | 13.0 | |||
Utilization rate of rigs available for service (2) | 40 | % | 66 | % | |
Latin America Region | |||||
Rigs available for service (1) | 7.0 | 9.0 | |||
Utilization rate of rigs available for service (2) | 23 | % | 40 | % | |
Alaska | |||||
Rigs available for service (1) | 2.0 | 2.0 | |||
Utilization rate of rigs available for service (2) | 100 | % | 100 | % | |
Total International & Alaska Drilling | |||||
Rigs available for service (1) | 22.0 | 24.0 | |||
Utilization rate of rigs available for service (2) | 40 | % | 59 | % |
(1) | The number of rigs available for service is determined by calculating the number of days each rig was in our fleet and was under contract or available for contract. For example, a rig under contract or available for contract for six months of a year is 0.5 rigs available for service during such year. Our method of computation of rigs available for service may not be comparable to other similarly titled measures of other companies. |
(2) | Rig utilization rates are based on a weighted average basis assuming total days availability for all rigs available for service. Rigs acquired or disposed of are treated as added to or removed from the rig fleet as of the date of acquisition or disposal. Rigs that are in operation or fully or partially staffed and on a revenue-producing standby status are considered to be utilized. Rigs under contract that generate revenues during moves between locations or during mobilization or demobilization are also considered to be utilized. Our method of computation of rig utilization may not be comparable to other similarly titled measures of other companies. |
• | a decrease of $62.3 million, excluding revenues from reimbursable costs ("reimbursable revenues"), resulting from decreased utilization for Company-owned rigs. Utilization for the segment decreased to 40.0 percent for the year ended December 31, 2016 from 59.0 percent for the year ended December 31, 2015. The decline in utilization was primarily due to the decline in oil prices which led to reduced customer activity; |
• | a decrease of $39.8 million driven by a decline in average revenues per day resulting from certain Company-owned and customer-owned rigs shifting to standby mode during 2016 compared with operating mode during 2015, as well as a reduction in average dayrates due to pricing pressures from customers resulting from the decline in oil prices; |
• | a decrease in reimbursable revenues of $17.4 million, which decreased revenues but had a minimal impact on operating margins; |
• | a decrease of $16.7 million in revenues earned from mobilization and demobilization activities; and |
• | a decrease of $12.5 million in revenues related to our project services activities. |
Year Ended December 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Dollars in Thousands | |||||||||||||
Revenues: | |||||||||||||
Drilling Services: | |||||||||||||
U.S. (Lower 48) Drilling | $ | 30,358 | 4 | % | $ | 158,405 | 16 | % | |||||
International & Alaska Drilling | 435,096 | 61 | % | 462,513 | 48 | % | |||||||
Total Drilling Services | 465,454 | 65 | % | 620,918 | 64 | % | |||||||
Rental Tools Services: | |||||||||||||
U.S. Rental Tools | 141,889 | 20 | % | 223,545 | 23 | % | |||||||
International Rental Tools | 104,840 | 15 | % | 124,221 | 13 | % | |||||||
Total Rental Tools Services | 246,729 | 35 | % | 347,766 | 36 | % | |||||||
Total revenues | 712,183 | 100 | % | 968,684 | 100 | % | |||||||
Operating gross margin (loss) excluding depreciation and amortization: | |||||||||||||
Drilling Services: | |||||||||||||
U.S. (Lower 48) Drilling | (5,889 | ) | (19 | )% | 68,091 | 43 | % | ||||||
International & Alaska Drilling (1) | 109,750 | 25 | % | 94,089 | 20 | % | |||||||
Total Drilling Services | 103,861 | 22 | % | 162,180 | 26 | % | |||||||
Rental Tools Services: | |||||||||||||
U.S. Rental Tools | 64,833 | 46 | % | 118,192 | 53 | % | |||||||
International Rental Tools | 17,199 | 16 | % | 18,931 | 15 | % | |||||||
Total Rental Tools Services | 82,032 | 33 | % | 137,123 | 39 | % | |||||||
Total operating gross margin (loss) excluding depreciation and amortization | 185,893 | 26 | % | 299,303 | 31 | % | |||||||
Depreciation and amortization | (156,194 | ) | (145,121 | ) | |||||||||
Total operating gross margin (loss) | 29,699 | 154,182 | |||||||||||
General and administrative expense | (36,190 | ) | (35,016 | ) | |||||||||
Provision for reduction in carrying value of certain assets | (12,490 | ) | — | ||||||||||
Gain (loss) on disposition of assets, net | 1,643 | 1,054 | |||||||||||
Total operating income (loss) | $ | (17,338 | ) | $ | 120,220 |
Dollars in Thousands | U.S. (Lower 48) Drilling | International & Alaska Drilling | U.S. Rental Tools | International Rental Tools | Total | |||||||||||||||
Balance at December 31, 2015 | ||||||||||||||||||||
Operating gross margin(1) | $ | (28,309 | ) | $ | 45,211 | $ | 17,380 | $ | (4,583 | ) | $ | 29,699 | ||||||||
Depreciation and amortization | 22,420 | 64,539 | 47,453 | 21,782 | 156,194 | |||||||||||||||
Operating gross margin excluding depreciation and amortization | $ | (5,889 | ) | $ | 109,750 | $ | 64,833 | $ | 17,199 | $ | 185,893 | |||||||||
Balance at December 31, 2014 | ||||||||||||||||||||
Operating gross margin(1) | $ | 46,831 | $ | 34,405 | $ | 71,790 | $ | 1,156 | $ | 154,182 | ||||||||||
Depreciation and amortization | 21,260 | 59,684 | 46,402 | 17,775 | 145,121 | |||||||||||||||
Operating gross margin excluding depreciation and amortization | $ | 68,091 | $ | 94,089 | $ | 118,192 | $ | 18,931 | $ | 299,303 |
(1) | Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
December 31, | |||||
2015 | 2014 | ||||
U.S. (Lower 48) Drilling | |||||
Rigs available for service (1) | 13.0 | 12.1 | |||
Utilization rate of rigs available for service (2) | 15 | % | 72 | % | |
International & Alaska Drilling | |||||
Eastern Hemisphere | |||||
Rigs available for service (1) | 13.0 | 13.0 | |||
Utilization rate of rigs available for service (2) | 66 | % | 77 | % | |
Latin America Region | |||||
Rigs available for service (1) | 9.0 | 9.0 | |||
Utilization rate of rigs available for service (2) | 40 | % | 60 | % | |
Alaska | |||||
Rigs available for service (1) | 2.0 | 2.0 | |||
Utilization rate of rigs available for service (2) | 100 | % | 100 | % | |
Total International & Alaska Drilling | |||||
Rigs available for service (1) | 24.0 | 24.0 | |||
Utilization rate of rigs available for service (2) | 59 | % | 72 | % |
(1) | The number of rigs available for service is determined by calculating the number of days each rig was in our fleet and was under contract or available for contract. For example, a rig under contract or available for contract for six months of a year is 0.5 rigs available for service during such year. Our method of computation of rigs available for service may not be comparable to other similarly titled measures of other companies. |
(2) | Rig utilization rates are based on a weighted average basis assuming total days availability for all rigs available for service. Rigs acquired or disposed of are treated as added to or removed from the rig fleet as of the date of acquisition or disposal. Rigs that are in operation or fully or partially staffed and on a revenue-producing standby status are considered to be utilized. Rigs under contract that generate revenues during moves between locations or during mobilization or demobilization are also considered to be utilized. Our method of computation of rig utilization may not be comparable to other similarly titled measures of other companies. |
• | a decrease of $50.7 million, excluding reimbursable revenues, resulting from decreased utilization for Company-owned rigs. Utilization for the segment decreased from 72 percent to 59 percent for the years ended December 31, 2014 and 2015, respectively, primarily resulting from the decline in oil prices which led to reduced customer activity; and |
• | a decrease of approximately $7.4 million of revenues generated from our project service activities. |
• | an increase of $12.2 million, excluding reimbursable revenues, related to our O&M activity primarily resulting from the two-rig O&M contract in Abu Dhabi that commenced during the 2015 first quarter partially offset by the completion of an O&M contract in May 2014; and |
• | an increase in reimbursable revenues of $12.0 million which added to revenues but had a minimal impact on operating margins. |
December 31, 2016 | |||
Dollars in thousands | |||
Cash and cash equivalents on hand (1) | $ | 119,691 | |
Availability under Revolver (2) | 90,250 | ||
Total liquidity | $ | 209,941 |
Dollars in thousands | 2016 | 2015 | 2014 | ||||||||
Operating Activities | $ | 21,285 | $ | 162,122 | $ | 202,467 | |||||
Investing Activities | (26,513 | ) | (101,243 | ) | (173,575 | ) | |||||
Financing Activities | (9,375 | ) | (35,041 | ) | (69,125 | ) | |||||
Net change in cash and cash equivalents | $ | (14,603 | ) | $ | 25,838 | $ | (40,233 | ) |
Total | 2017 | 2018 | 2019 | 2020 | 2021 | Beyond 2021 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||
Contractual cash obligations: | |||||||||||||||||||||||||||
Long-term debt — principal | $ | 585,000 | $ | — | $ | — | $ | — | $ | 225,000 | $ | — | $ | 360,000 | |||||||||||||
Long-term debt — interest | 213,300 | 41,175 | 41,175 | 41,175 | 41,175 | 24,300 | 24,300 | ||||||||||||||||||||
Operating leases(1) | 37,250 | 12,559 | 7,841 | 6,667 | 5,168 | 2,823 | 2,192 | ||||||||||||||||||||
Purchase commitments(2) | 28,655 | 28,655 | — | — | — | — | — | ||||||||||||||||||||
Total contractual obligations | $ | 864,205 | $ | 82,389 | $ | 49,016 | $ | 47,842 | $ | 271,343 | $ | 27,123 | $ | 386,492 | |||||||||||||
Commercial commitments: | |||||||||||||||||||||||||||
Standby letters of credit(3) | $ | 9,750 | $ | 9,046 | $ | 704 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Total commercial commitments | $ | 9,750 | $ | 9,046 | $ | 704 | $ | — | $ | — | $ | — | $ | — |
(1) | Operating leases consist of lease agreements in excess of one year for office space, equipment, vehicles and personal property. |
(2) | We had purchase commitments outstanding as of December 31, 2016, related to rental tools and rig related expenditures. |
(3) | The available capacity of the Revolver is $100 million. As of December 31, 2016, $9.8 million of availability had been used to support outstanding letters of credit. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues | $ | 427,004 | $ | 712,183 | $ | 968,684 | |||||
Expenses: | |||||||||||
Operating expenses | 362,521 | 526,290 | 669,381 | ||||||||
Depreciation and amortization | 139,795 | 156,194 | 145,121 | ||||||||
502,316 | 682,484 | 814,502 | |||||||||
Total operating gross margin (loss) | (75,312 | ) | 29,699 | 154,182 | |||||||
General and administration expense | (34,332 | ) | (36,190 | ) | (35,016 | ) | |||||
Provision for reduction in carrying value of certain assets | — | (12,490 | ) | — | |||||||
Gain (loss) on disposition of assets, net | (1,613 | ) | 1,643 | 1,054 | |||||||
Total operating income (loss) | (111,257 | ) | (17,338 | ) | 120,220 | ||||||
Other income (expense): | |||||||||||
Interest expense | (45,812 | ) | (45,155 | ) | (44,265 | ) | |||||
Interest income | 58 | 269 | 195 | ||||||||
Loss on extinguishment of debt | — | — | (30,152 | ) | |||||||
Other | 367 | (9,747 | ) | 2,539 | |||||||
Total other income (expense) | (45,387 | ) | (54,633 | ) | (71,683 | ) | |||||
Income (loss) before income taxes | (156,644 | ) | (71,971 | ) | 48,537 | ||||||
Income tax expense (benefit): | |||||||||||
Current tax expense (benefit) | 5,108 | 19,604 | 22,567 | ||||||||
Deferred tax expense (benefit) | 69,062 | 2,709 | 1,509 | ||||||||
Total income tax expense (benefit) | 74,170 | 22,313 | 24,076 | ||||||||
Net income (loss) | (230,814 | ) | (94,284 | ) | 24,461 | ||||||
Less: Net income attributable to noncontrolling interest | — | 789 | 1,010 | ||||||||
Net income (loss) attributable to controlling interest | $ | (230,814 | ) | $ | (95,073 | ) | $ | 23,451 | |||
Basic earnings (loss) per share: | $ | (1.86 | ) | $ | (0.78 | ) | $ | 0.19 | |||
Diluted earnings (loss) per share: | $ | (1.86 | ) | $ | (0.78 | ) | $ | 0.19 | |||
Number of common shares used in computing earnings per share: | |||||||||||
Basic | 124,130,004 | 122,562,187 | 121,186,464 | ||||||||
Diluted | 124,130,004 | 122,562,187 | 123,076,648 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Comprehensive income (loss): | |||||||||||
Net income (loss) | $ | (230,814 | ) | $ | (94,284 | ) | $ | 24,461 | |||
Other comprehensive gain (loss), net of tax: | |||||||||||
Currency translation difference on related borrowings | (691 | ) | (2,012 | ) | (4,870 | ) | |||||
Currency translation difference on foreign currency net investments | (4,265 | ) | 405 | 2,147 | |||||||
Total other comprehensive gain (loss), net of tax: | (4,956 | ) | (1,607 | ) | (2,723 | ) | |||||
Comprehensive income (loss) | (235,770 | ) | (95,891 | ) | 21,738 | ||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | 4,606 | (673 | ) | |||||||
Comprehensive income (loss) attributable to controlling interest | $ | (235,770 | ) | $ | (91,285 | ) | $ | 21,065 |
December 31, | |||||||
2016 | 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 119,691 | $ | 134,294 | |||
Accounts and Notes Receivable, net of allowance for bad debts of $8,259 in 2016 and $8,694 in 2015 | 113,231 | 175,105 | |||||
Rig materials and supplies | 32,354 | 34,937 | |||||
Deferred costs | 1,436 | 1,367 | |||||
Other tax assets | 6,475 | 5,192 | |||||
Other current assets | 13,131 | 15,846 | |||||
Total current assets | 286,318 | 366,741 | |||||
Property, plant and equipment, net of accumulated depreciation of $1,320,644 in 2016 and $1,302,380 in 2015 (Note 5) | 693,439 | 805,841 | |||||
Goodwill (Note 3) | 6,708 | 6,708 | |||||
Intangible assets, net (Note 3) | 9,928 | 13,377 | |||||
Rig materials and supplies | 22,439 | 18,104 | |||||
Deferred income taxes | 70,309 | 139,282 | |||||
Other assets | 14,410 | 16,649 | |||||
Total assets | $ | 1,103,551 | $ | 1,366,702 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 42,655 | $ | 58,080 | |||
Accrued liabilities | 56,186 | 71,623 | |||||
Accrued income taxes | 4,080 | 6,418 | |||||
Total current liabilities | 102,921 | 136,121 | |||||
Long-term debt, net of unamortized debt issuance costs of $8,674 at December 31, 2016 and $10,202 at December 31, 2015 | 576,326 | 574,798 | |||||
Other long-term liabilities | 15,836 | 18,617 | |||||
Long-term deferred tax liability | 69,333 | 68,654 | |||||
Commitments and contingencies (Note 13) | |||||||
Stockholders’ equity: | |||||||
Preferred Stock, $1 par value, 1,942,000 shares authorized, no shares outstanding | — | — | |||||
Common Stock, $0.16 2/3 par value, authorized 280,000,000 shares, issued and outstanding, 125,118,365 shares (123,206,269 shares in 2015) | 20,837 | 20,518 | |||||
Capital in excess of par value | 675,194 | 669,120 | |||||
Accumulated deficit | (350,052 | ) | (119,238 | ) | |||
Accumulated Other Comprehensive Income | (6,844 | ) | (1,888 | ) | |||
Total controlling interest stockholders’ equity | 339,135 | 568,512 | |||||
Noncontrolling interest | — | — | |||||
Total equity | 339,135 | 568,512 | |||||
Total liabilities and stockholders’ equity | $ | 1,103,551 | $ | 1,366,702 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (230,814 | ) | $ | (94,284 | ) | $ | 24,461 | |||
Adjustments to reconcile net income (loss): | |||||||||||
Depreciation and amortization | 139,795 | 156,194 | 145,121 | ||||||||
Accretion of contingent consideration | 419 | 826 | — | ||||||||
(Gain) loss on debt modification | 1,088 | — | — | ||||||||
(Gain) loss on extinguishment of debt | — | — | 30,152 | ||||||||
(Gain) loss on disposition of assets | 1,613 | (1,643 | ) | (1,054 | ) | ||||||
Deferred income tax expense | 69,062 | 2,709 | 1,509 | ||||||||
Provision for reduction in carrying value of certain assets | — | 12,490 | — | ||||||||
Expenses not requiring cash | 1,362 | 5,103 | 19,331 | ||||||||
Change in assets and liabilities: | |||||||||||
Accounts and notes receivable | 60,391 | 103,995 | (12,238 | ) | |||||||
Rig materials and supplies | (1,752 | ) | 2,722 | (2,878 | ) | ||||||
Other current assets | 2,140 | 12,548 | 26,032 | ||||||||
Accounts payable and accrued liabilities | (19,494 | ) | (27,425 | ) | 27,231 | ||||||
Accrued income taxes | (6,422 | ) | (7,957 | ) | (7,657 | ) | |||||
Other assets | 3,897 | (3,156 | ) | (47,543 | ) | ||||||
Net cash provided by (used in) operating activities | 21,285 | 162,122 | 202,467 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (28,954 | ) | (88,197 | ) | (179,513 | ) | |||||
Proceeds from the sale of assets | 2,441 | 830 | 5,938 | ||||||||
Proceeds from insurance settlements | — | 2,500 | — | ||||||||
Acquisitions, net of cash acquired | — | (13,806 | ) | — | |||||||
Divestitures, net of cash paid | — | (2,570 | ) | — | |||||||
Net cash provided by (used in) investing activities | (26,513 | ) | (101,243 | ) | (173,575 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of debt | — | — | 400,000 | ||||||||
Repayments of long-term debt | — | (30,000 | ) | (435,000 | ) | ||||||
Payments of debt issuance costs | — | (1,996 | ) | (7,630 | ) | ||||||
Payment for noncontrolling interest | (3,375 | ) | — | — | |||||||
Payments of debt extinguishment costs | — | — | (26,214 | ) | |||||||
Payment of contingent consideration | (6,000 | ) | (2,000 | ) | — | ||||||
Excess tax benefit (expense) from stock-based compensation | — | (1,045 | ) | (281 | ) | ||||||
Net cash provided by (used in) financing activities | (9,375 | ) | (35,041 | ) | (69,125 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (14,603 | ) | 25,838 | (40,233 | ) | ||||||
Cash and cash equivalents at beginning of year | 134,294 | 108,456 | 148,689 | ||||||||
Cash and cash equivalents at end of year | $ | 119,691 | $ | 134,294 | $ | 108,456 | |||||
Supplemental cash flow information: | |||||||||||
Interest paid | 41,175 | 41,393 | 41,820 | ||||||||
Income taxes paid | 14,341 | 26,208 | 26,694 |
Shares | Common Stock | Treasury Stock | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Controlling Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Balances, December 31, 2013 | 120,491 | $ | 20,268 | $ | (193 | ) | $ | 657,349 | $ | (47,616 | ) | $ | 1,888 | $ | 631,696 | $ | 1,446 | $ | 633,142 | |||||||||||||||
Activity in employees’ stock plans | 1,555 | 227 | 23 | 924 | — | — | 1,174 | — | 1,174 | |||||||||||||||||||||||||
Tax benefit increase from stock-based compensation | — | — | — | (281 | ) | — | — | (281 | ) | — | (281 | ) | ||||||||||||||||||||||
Amortization of stock-based awards | — | — | — | 9,273 | — | — | 9,273 | — | 9,273 | |||||||||||||||||||||||||
Purchase of NCI of joint venture | — | — | — | (496 | ) | — | — | (496 | ) | (13 | ) | (509 | ) | |||||||||||||||||||||
Purchase of noncontrolling ownership interest | — | — | — | — | — | — | — | 1,919 | 1,919 | |||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | (242 | ) | (242 | ) | |||||||||||||||||||||||
Comprehensive Income: | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 23,451 | — | 23,451 | 1,010 | 24,461 | |||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (2,386 | ) | (2,386 | ) | (337 | ) | (2,723 | ) | |||||||||||||||||||||
Balances, December 31, 2014 | 122,046 | $ | 20,495 | $ | (170 | ) | $ | 666,769 | $ | (24,165 | ) | $ | (498 | ) | $ | 662,431 | $ | 3,783 | $ | 666,214 | ||||||||||||||
Activity in employees’ stock plans | 1,160 | 193 | — | (1,227 | ) | — | — | (1,034 | ) | — | (1,034 | ) | ||||||||||||||||||||||
Tax benefit increase from stock-based compensation | — | — | — | (1,045 | ) | — | — | (1,045 | ) | — | (1,045 | ) | ||||||||||||||||||||||
Amortization of stock-based awards | — | — | — | 8,410 | — | — | 8,410 | — | 8,410 | |||||||||||||||||||||||||
Disposal of noncontrolling interest related to sale of joint venture | — | — | — | — | — | — | — | (1,392 | ) | (1,392 | ) | |||||||||||||||||||||||
Purchase of noncontrolling ownership interest | — | — | — | (3,787 | ) | — | — | (3,787 | ) | (2,963 | ) | (6,750 | ) | |||||||||||||||||||||
Comprehensive Income: | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | (95,073 | ) | — | (95,073 | ) | 789 | (94,284 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (1,390 | ) | (1,390 | ) | (217 | ) | (1,607 | ) | |||||||||||||||||||||
Balances, December 31, 2015 | 123,206 | $ | 20,688 | $ | (170 | ) | $ | 669,120 | $ | (119,238 | ) | $ | (1,888 | ) | $ | 568,512 | $ | — | $ | 568,512 | ||||||||||||||
Activity in employees’ stock plans | 1,912 | 319 | — | (1,475 | ) | — | — | (1,156 | ) | — | (1,156 | ) | ||||||||||||||||||||||
Amortization of stock-based awards | — | — | — | 7,549 | — | — | 7,549 | — | 7,549 | |||||||||||||||||||||||||
Comprehensive Income: | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | (230,814 | ) | — | (230,814 | ) | — | (230,814 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (4,956 | ) | (4,956 | ) | — | (4,956 | ) | ||||||||||||||||||||||
Balances, December 31, 2016 | 125,118 | $ | 21,007 | $ | (170 | ) | $ | 675,194 | $ | (350,052 | ) | $ | (6,844 | ) | $ | 339,135 | $ | — | $ | 339,135 |
December 31, | |||||||
Dollars in thousands | 2016 | 2015 | |||||
Trade | $ | 121,490 | $ | 183,299 | |||
Notes receivable | — | 500 | |||||
Allowance for bad debt(1) | (8,259 | ) | (8,694 | ) | |||
Total accounts and notes receivable, net of allowance for bad debt | $ | 113,231 | $ | 175,105 |
(1) | Additional information on the allowance for bad debt for the years ended December 31, 2016, 2015 and 2014 is reported on Schedule II — Valuation and Qualifying Accounts. |
Land drilling equipment | 3 to 20 years | |
Barge drilling equipment | 3 to 20 years | |
Drill pipe, rental tools and other | 4 to 15 years | |
Buildings and improvements | 5 to 30 years |
Dollars in thousands | Goodwill | ||
Balance at December 31, 2015 | $ | 6,708 | |
Additions | — | ||
Balance at December 31, 2016 | $ | 6,708 |
Balance at December 31, 2016 | ||||||||||||||||
Dollars in thousands | Estimated Useful Life (Years) | Gross Carrying Amount | Write-off Due to Sale (1) | Accumulated Amortization | Net Carrying Amount | |||||||||||
Amortized intangible assets: | ||||||||||||||||
Developed Technology | 6 | $ | 11,630 | $ | — | $ | (3,393 | ) | $ | 8,237 | ||||||
Customer Relationships | 3 | 5,400 | (264 | ) | (5,136 | ) | — | |||||||||
Trade Names | 5 | 4,940 | (332 | ) | (2,917 | ) | 1,691 | |||||||||
Total Amortized intangible assets | $ | 21,970 | $ | (596 | ) | $ | (11,446 | ) | $ | 9,928 |
Dollars in thousands | Expected future intangible amortization expense | ||
2017 | $ | 2,801 | |
2018 | $ | 2,306 | |
2019 | $ | 2,306 | |
2020 | $ | 2,030 | |
2021 | $ | 485 | |
Beyond 2021 | $ | — |
Dollars in thousands | Foreign Currency Items | ||
December 31, 2015 | $ | (1,888 | ) |
Current period other comprehensive income | (4,956 | ) | |
December 31, 2016 | $ | (6,844 | ) |
December 31, | |||||||
Dollars in Thousands | 2016 | 2015 | |||||
Property, Plant and Equipment, at cost: | |||||||
Drilling Equipment | $ | 1,306,641 | $ | 1,396,748 | |||
Rental Tools | 516,144 | 521,662 | |||||
Building, Land and Improvements | 54,799 | 53,576 | |||||
Other | 111,142 | 114,465 | |||||
Construction in Progress | 25,357 | 21,770 | |||||
Total Property, Plant and Equipment, at cost | 2,014,083 | 2,108,221 | |||||
Less: Accumulated Depreciation and Amortization | 1,320,644 | 1,302,380 | |||||
Property, Plant, and Equipment, Net | $ | 693,439 | $ | 805,841 |
Year Ended December 31, | |||||||||||
Dollars in thousands | 2016 | 2015 | 2014 | ||||||||
United States | $ | (131,106 | ) | $ | (77,368 | ) | $ | 37,547 | |||
Foreign | (25,538 | ) | 5,397 | 10,990 | |||||||
$ | (156,644 | ) | $ | (71,971 | ) | $ | 48,537 |
Year Ended December 31, | |||||||||||
Dollars in thousands | 2016 | 2015 | 2014 | ||||||||
Current: | |||||||||||
United States: | |||||||||||
Federal | $ | (1,921 | ) | $ | 2,485 | $ | (3,079 | ) | |||
State | (9 | ) | 365 | 5,335 | |||||||
Foreign | 7,038 | 16,754 | 20,311 | ||||||||
Deferred: | |||||||||||
United States: | |||||||||||
Federal | 64,066 | (141 | ) | 4,703 | |||||||
State | (47 | ) | (4,769 | ) | (379 | ) | |||||
Foreign | 5,043 | 7,619 | (2,815 | ) | |||||||
$ | 74,170 | $ | 22,313 | $ | 24,076 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Dollars in thousands | Amount | % of Pre-Tax Income | Amount | % of Pre-Tax Income | Amount | % of Pre-Tax Income | ||||||||||||||
Computed Expected Tax Expense (Benefit) | $ | (54,825 | ) | 35.0 | % | $ | (25,190 | ) | 35.0 | % | $ | 16,988 | 35.0 | % | ||||||
Foreign Taxes | 12,688 | (8.1 | )% | 16,043 | (22.3 | )% | 11,221 | 23.1 | % | |||||||||||
Tax Effect Different From Statutory Rates | (3,629 | ) | 2.3 | % | (2,729 | ) | 3.8 | % | (3,389 | ) | (7.0 | )% | ||||||||
State Taxes, net of federal benefit | (849 | ) | 0.5 | % | (4,544 | ) | 6.3 | % | 3,117 | 6.4 | % | |||||||||
Foreign Tax Credits | 20 | — | % | (5,566 | ) | 7.7 | % | (3,043 | ) | (6.3 | )% | |||||||||
Change in Valuation Allowance | 117,707 | (75.1 | )% | 40,676 | (56.5 | )% | 2,800 | 5.8 | % | |||||||||||
Uncertain Tax Positions | (726 | ) | 0.5 | % | (81 | ) | 0.1 | % | (1,125 | ) | (2.3 | )% | ||||||||
Permanent Differences | 1,442 | (0.9 | )% | 1,696 | (2.4 | )% | 676 | 1.4 | % | |||||||||||
Prior Year Return to Provision Adjustments | 2,078 | (1.3 | )% | 1,555 | (2.1 | )% | (2,618 | ) | (5.4 | )% | ||||||||||
Other | 264 | (0.2 | )% | 453 | (0.6 | )% | (551 | ) | (1.1 | )% | ||||||||||
Actual Tax Expense | $ | 74,170 | (47.3 | )% | $ | 22,313 | (31.0 | )% | $ | 24,076 | 49.6 | % |
December 31, | |||||||
Dollars in thousands | 2016 | 2015 | |||||
Deferred tax assets | |||||||
Deferred tax assets: | |||||||
Federal net operating loss carryforwards | 120,986 | 63,607 | |||||
State net operating loss carryforwards | 7,168 | 5,839 | |||||
Other state deferred tax asset, net | 2,646 | 3,170 | |||||
Foreign Tax Credits | 46,859 | 45,751 | |||||
FIN 48 | 883 | 1,789 | |||||
Foreign tax | 29,791 | 27,861 | |||||
Asset Impairment | 27,165 | 33,723 | |||||
Accruals not currently deductible for tax purposes | 1,657 | 4,315 | |||||
Deferred compensation | 3,424 | 3,487 | |||||
Other | 863 | 845 | |||||
Gross long-term deferred tax assets | 241,442 | 190,387 | |||||
Valuation Allowance | (171,133 | ) | (51,105 | ) | |||
Net deferred tax assets, net of valuation allowance | 70,309 | 139,282 | |||||
Deferred tax liabilities: | |||||||
Deferred tax liabilities: | |||||||
Property, Plant and equipment | (64,256 | ) | (59,879 | ) | |||
Foreign tax local | 490 | (3,169 | ) | ||||
Other state deferred tax liability, net | (5,567 | ) | (5,606 | ) | |||
Gross deferred tax liabilities | (69,333 | ) | (68,654 | ) | |||
Net deferred tax asset | $ | 976 | $ | 70,628 |
Dollars in thousands | |||
Balance at January 1, 2016 | $ | (7,837 | ) |
Additions based on tax positions taken during a prior period | (992 | ) | |
Reductions related to settlement of tax matters | 2,740 | ||
Reductions based on tax positions taken during a prior period | 1,461 | ||
Balance at December 31, 2016 | $ | (4,628 | ) |
Kazakhstan | 2007-present |
Mexico | 2011-present |
Russia | 2013-present |
United States — Federal | 2009-present |
United Kingdom | 2013-present |
December 31, | |||||||
Dollars in thousands | 2016 | 2015 | |||||
6.75% Senior Notes, due July 2022 | $ | 360,000 | $ | 360,000 | |||
7.50% Senior Notes, due August 2020 | 225,000 | 225,000 | |||||
Total principal | 585,000 | 585,000 | |||||
Less: unamortized debt issuance costs | (8,674 | ) | (10,202 | ) | |||
Total long-term debt | $ | 576,326 | $ | 574,798 |
• | Level 1 — Unadjusted quoted prices for identical assets or liabilities in active markets; |
• | Level 2 — Direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets; and |
• | Level 3 — Unobservable inputs that require significant judgment for which there is little or no market data. |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Dollars in thousands | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Long-term Debt | |||||||||||||||
6.75% Notes | $ | 360,000 | $ | 311,400 | $ | 360,000 | $ | 246,600 | |||||||
7.50% Notes | 225,000 | 201,375 | 225,000 | 171,000 | |||||||||||
Total | $ | 585,000 | $ | 512,775 | $ | 585,000 | $ | 417,600 |
• | RSUs entitle a grantee to receive a share of common stock on a specified vesting date. RSUs are service-based awards and compensation expense is recognized ratably over the applicable vesting period. The grant-date fair value of nonvested RSUs is determined based on the closing trading price of the company’s shares on the grant date. RSUs are settled in shares of our common stock upon vesting. |
• | Performance-based phantom stock units are performance-based awards and represent the equivalent of one share of common stock as of the grant date. Compensation costs for performance-based phantom stock units are recognized based on the change in fair value of the awards during the performance period. Performance-based phantom stock units vest fully at the end of the three-year performance period and are settled in cash upon vesting. |
• | Time-based phantom stock units are service-based awards and represent the equivalent of one share of common stock as of the grant date. Compensation costs for time-based phantom stock units are recognized ratably over a three year graded vesting period and based on the change in fair value of the awards during the three year period. Time-based phantom stock units are settled in cash upon vesting. |
• | PSUs are performance-based awards as further described under "Performance-Based Awards" below. Compensation costs for PSUs are recognized ratably over a three-year performance period. PSUs vest fully at the end of the three-year performance period and are typically settled in shares of our common stock upon vesting. |
Units | Weighted Average Grant-Date Fair Value | |||||
Nonvested at January 1, 2016 | 4,774,408 | $ | 4.08 | |||
Granted | 3,289,569 | $ | 2.07 | |||
Vested | (2,367,831 | ) | $ | 4.24 | ||
Forfeited | (362,624 | ) | $ | 2.87 | ||
Nonvested at December 31, 2016 | 5,333,522 | $ | 2.85 |
Time-Based Phantom Stock Units | ||
Nonvested at January 1, 2016 | — | |
Granted | 1,188,854 | |
Vested | — | |
Forfeited | (202,916 | ) |
Nonvested at December 31, 2016 | 985,938 |
PCUs | ||
Nonvested at January 1, 2016 | 33,555 | |
Granted | 17,091 | |
Vested | (16,464 | ) |
Forfeited | (7,830 | ) |
Nonvested at December 31, 2016 | 26,352 |
Performance-Based Phantom Stock Units | ||
Nonvested at January 1, 2016 | 541,127 | |
Granted | 1,164,880 | |
Vested | — | |
Forfeited | (390,779 | ) |
Nonvested at December 31, 2016 | 1,315,228 |
For the Year Ended December 31, 2016 | |||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||
Basic EPS | $ | (230,814,000 | ) | 124,130,004 | $ | (1.86 | ) | ||||
Effect of dilutive securities: | |||||||||||
Stock options and restricted stock | — | $ | — | ||||||||
Diluted EPS | $ | (230,814,000 | ) | 124,130,004 | $ | (1.86 | ) | ||||
For the Year Ended December 31, 2015 | |||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||
Basic EPS | $ | (95,073,000 | ) | 122,562,187 | $ | (0.78 | ) | ||||
Effect of dilutive securities: | |||||||||||
Stock options and restricted stock | — | $ | — | ||||||||
Diluted EPS: | $ | (95,073,000 | ) | 122,562,187 | $ | (0.78 | ) | ||||
For the Year Ended December 31, 2014 | |||||||||||
Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||
Basic EPS | $ | 23,451,000 | 121,186,464 | $ | 0.19 | ||||||
Effect of dilutive securities: | |||||||||||
Stock options and restricted stock | 1,890,184 | $ | — | ||||||||
Diluted EPS: | $ | 23,451,000 | 123,076,648 | $ | 0.19 |
• | customers that typically are major, independent or national oil and natural gas companies or integrated service providers; |
• | drilling programs in remote locations with little infrastructure, requiring a large inventory of spare parts and other ancillary equipment and self-supported service capabilities; |
• | complex wells and/or harsh environments (such as high pressures, deep depths, hazardous or geologically challenging conditions and sensitive environments) requiring specialized equipment and considerable experience to drill; and |
• | drilling and O&M contracts that generally cover periods of one year or more. |
Year Ended December 31, | |||||||||||
Dollars in thousands | 2016 | 2015 | 2014 | ||||||||
Revenues: (1) | |||||||||||
Drilling Services: | |||||||||||
U.S. (Lower 48) Drilling | $ | 5,429 | $ | 30,358 | $ | 158,405 | |||||
International & Alaska Drilling | 287,332 | 435,096 | 462,513 | ||||||||
Total Drilling Services | 292,761 | 465,454 | 620,918 | ||||||||
Rental Tools Services: | |||||||||||
U.S. Rental Tools | 71,613 | 141,889 | 223,545 | ||||||||
International Rental Tools | 62,630 | 104,840 | 124,221 | ||||||||
Total Rental Tools Services | 134,243 | 246,729 | 347,766 | ||||||||
Total revenues | 427,004 | 712,183 | 968,684 | ||||||||
Operating gross margin: (2) | |||||||||||
Drilling Services: | |||||||||||
U.S. (Lower 48) Drilling | (34,353 | ) | (28,309 | ) | 46,831 | ||||||
International & Alaska Drilling | 9,272 | 45,211 | 34,405 | ||||||||
Total Drilling Services | (25,081 | ) | 16,902 | 81,236 | |||||||
Rental Tools Services: | |||||||||||
U.S. Rental Tools | (22,372 | ) | 17,380 | 71,790 | |||||||
International Rental Tools | (27,859 | ) | (4,583 | ) | 1,156 | ||||||
Total Rental Tools Services | (50,231 | ) | 12,797 | 72,946 | |||||||
Total operating gross margin | (75,312 | ) | 29,699 | 154,182 | |||||||
General and administrative expense | (34,332 | ) | (36,190 | ) | (35,016 | ) | |||||
Provision for reduction in carrying value of certain assets | — | (12,490 | ) | — | |||||||
Gain (loss) on disposition of assets, net | (1,613 | ) | 1,643 | 1,054 | |||||||
Total operating income (loss) | (111,257 | ) | (17,338 | ) | 120,220 | ||||||
Interest expense | (45,812 | ) | (45,155 | ) | (44,265 | ) | |||||
Interest income | 58 | 269 | 195 | ||||||||
Loss on extinguishment of debt | — | — | (30,152 | ) | |||||||
Other income (loss) | 367 | (9,747 | ) | 2,539 | |||||||
Income (loss) from continuing operations before income taxes | $ | (156,644 | ) | $ | (71,971 | ) | $ | 48,537 |
(1) | For the years ended December 31, 2016, 2015, and 2014, our largest customer, ENL, constituted approximately 38.7 percent, 27.9 percent, and 18.7 percent, respectively, of our total consolidated revenues and approximately 57.5 percent, 45.6 percent, and 39.2 percent, respectively, of our International & Alaska Drilling segment revenues for the years ended December 31, 2016, 2015, and 2014. |
(2) | Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense. |
Year Ended December 31, | |||||||||||
Dollars in thousands | 2016 | 2015 | 2014 | ||||||||
Capital expenditures: | |||||||||||
U.S. (Lower 48) Drilling | $ | 264 | $ | 2,731 | $ | 43,120 | |||||
International & Alaska Drilling | 5,258 | 13,458 | 26,761 | ||||||||
U.S. Rental Tools | 10,848 | 47,673 | 65,101 | ||||||||
International Rental Tools | 9,725 | 19,516 | 30,239 | ||||||||
Corporate | 2,859 | 4,819 | 14,292 | ||||||||
Total capital expenditures | $ | 28,954 | $ | 88,197 | $ | 179,513 | |||||
Depreciation and amortization: (1) | |||||||||||
U.S. (Lower 48) Drilling | $ | 20,049 | $ | 22,420 | $ | 21,260 | |||||
International & Alaska Drilling | 55,236 | 64,539 | 59,684 | ||||||||
U.S. Rental Tools | 43,769 | 47,453 | 46,402 | ||||||||
International Rental Tools | 20,741 | 21,782 | 17,775 | ||||||||
Total depreciation and amortization | $ | 139,795 | $ | 156,194 | $ | 145,121 |
(1) | For presentation purposes, depreciation for corporate assets of $8.3 million, $7.5 million, and $5.0 million for the years then ended December 31, 2016, 2015 and 2014, respectively, has been allocated to the corresponding reportable segments. |
Year Ended December 31, | |||||||
Dollars in Thousands | 2016 | 2015 | |||||
Identifiable assets: | |||||||
U.S. (Lower 48) Drilling | $ | 77,628 | $ | 102,121 | |||
International & Alaska Drilling | 591,120 | 629,784 | |||||
U.S. Rental Tools | 126,289 | 233,085 | |||||
International Rental Tools | 170,431 | 196,196 | |||||
Total identifiable assets | 965,468 | 1,161,186 | |||||
Corporate | 138,083 | 205,516 | |||||
Total assets | $ | 1,103,551 | $ | 1,366,702 |
Year Ended December 31, | |||||||||||
Dollars in Thousands | |||||||||||
Revenues by geographic area: | 2016 | 2015 | 2014 | ||||||||
Russia | $ | 142,538 | $ | 165,193 | $ | 154,817 | |||||
Other CIS | 33,659 | 61,145 | 59,881 | ||||||||
EMEA & Asia | 79,870 | 148,015 | 183,460 | ||||||||
Latin America | 12,952 | 69,989 | 86,651 | ||||||||
United States | 127,596 | 231,779 | 440,642 | ||||||||
Other(1) | 30,389 | 36,062 | 43,233 | ||||||||
Total revenues | $ | 427,004 | $ | 712,183 | $ | 968,684 | |||||
Long-lived assets by geographic area:(2) | |||||||||||
Russia | $ | 21,395 | $ | 22,607 | |||||||
Other CIS | 35,914 | 44,675 | |||||||||
EMEA & Asia | 116,857 | 130,434 | |||||||||
Latin America | 48,528 | 63,919 | |||||||||
United States | 470,745 | 544,206 | |||||||||
Other(1) | — | — | |||||||||
Total long-lived assets | $ | 693,439 | $ | 805,841 |
(1) | This category includes our Canada O&M operations and our project services activities. Revenue generated by our project service activities benefit our various geographic locations. |
(2) | Long-lived assets consist of property, plant and equipment, net. |
Dollars in Thousands | Year Ended December 31, | ||
2017 | $ | 12,559 | |
2018 | 7,841 | ||
2019 | 6,667 | ||
2020 | 5,168 | ||
2021 | 2,823 | ||
Thereafter | 2,192 | ||
Total | $ | 37,250 |
Year Ended December 31, | |||||||
Dollars in Thousands | 2016 | 2015 | |||||
Accrued liabilities: | |||||||
Accrued Payroll & Related Benefits | $ | 20,714 | $ | 27,678 | |||
Accrued Interest Expense | 18,169 | 18,169 | |||||
Accrued Professional Fees & Other | 13,039 | 20,326 | |||||
Deferred Mobilization Fees | 2,681 | 2,649 | |||||
Workers' Compensation Liabilities, net | 1,583 | 2,801 | |||||
Total accrued liabilities | $ | 56,186 | $ | 71,623 |
• | in connection with any sale or other disposition of all or substantially all of the assets of that guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; |
• | in connection with any sale of such amount of capital stock as would result in such guarantor no longer being a subsidiary to a person that is not (either before or after giving effect to such transaction) a subsidiary of the Company; |
• | if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary; |
• | if the guarantee by a guarantor of all other indebtedness of the Company or any other guarantor is released, terminated or discharged, except by, or as a result of, payment under such guarantee; or |
• | upon legal defeasance or covenant defeasance (satisfaction and discharge of the indenture). |
Year ended December 31, 2016 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Total revenues | $ | — | $ | 152,263 | $ | 380,931 | $ | (106,190 | ) | $ | 427,004 | ||||||||
Operating expenses | — | 103,013 | 365,698 | (106,190 | ) | 362,521 | |||||||||||||
Depreciation and amortization | — | 90,218 | 49,577 | — | 139,795 | ||||||||||||||
Total operating gross margin (loss) | — | (40,968 | ) | (34,344 | ) | — | (75,312 | ) | |||||||||||
General and administration expense (1) | (410 | ) | (29,355 | ) | (4,567 | ) | — | (34,332 | ) | ||||||||||
Gain (loss) on disposition of assets, net | — | (565 | ) | (1,048 | ) | — | (1,613 | ) | |||||||||||
Total operating income (loss) | (410 | ) | (70,888 | ) | (39,959 | ) | — | (111,257 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (48,160 | ) | (642 | ) | (6,434 | ) | 9,424 | (45,812 | ) | ||||||||||
Interest income | 758 | 695 | 8,029 | (9,424 | ) | 58 | |||||||||||||
Other | — | 484 | (117 | ) | — | 367 | |||||||||||||
Equity in net earnings of subsidiaries | (94,469 | ) | — | — | 94,469 | — | |||||||||||||
Total other income (expense) | (141,871 | ) | 537 | 1,478 | 94,469 | (45,387 | ) | ||||||||||||
Income (loss) before income taxes | (142,281 | ) | (70,351 | ) | (38,481 | ) | 94,469 | (156,644 | ) | ||||||||||
Income tax expense (benefit): | |||||||||||||||||||
Current tax expense (benefit) | 40,562 | (35,572 | ) | 118 | — | 5,108 | |||||||||||||
Deferred tax expense (benefit) | 47,971 | 14,846 | 6,245 | — | 69,062 | ||||||||||||||
Total income tax expense (benefit) | 88,533 | (20,726 | ) | 6,363 | — | 74,170 | |||||||||||||
Net income (loss) attributable to controlling interest | $ | (230,814 | ) | $ | (49,625 | ) | $ | (44,844 | ) | $ | 94,469 | $ | (230,814 | ) |
Year ended December 31, 2015 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Total revenues | $ | — | $ | 254,182 | $ | 584,204 | $ | (126,203 | ) | $ | 712,183 | ||||||||
Operating expenses | — | 143,563 | 508,930 | (126,203 | ) | 526,290 | |||||||||||||
Depreciation and amortization | — | 95,071 | 61,123 | — | 156,194 | ||||||||||||||
Total operating gross margin (loss) | — | 15,548 | 14,151 | — | 29,699 | ||||||||||||||
General and administration expense (1) | (1,279 | ) | (38,643 | ) | 3,732 | — | (36,190 | ) | |||||||||||
Provision for reduction in carrying value of certain assets | — | (2,088 | ) | (10,402 | ) | — | (12,490 | ) | |||||||||||
Gain (loss) on disposition of assets, net | — | 439 | 1,204 | — | 1,643 | ||||||||||||||
Total operating income (loss) | (1,279 | ) | (24,744 | ) | 8,685 | — | (17,338 | ) | |||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense | (47,659 | ) | (1,035 | ) | (11,579 | ) | 15,118 | (45,155 | ) | ||||||||||
Interest income | 1,424 | 852 | 13,111 | (15,118 | ) | 269 | |||||||||||||
Other | — | (200 | ) | (9,547 | ) | — | (9,747 | ) | |||||||||||
Equity in net earnings of subsidiaries | (36,631 | ) | — | — | 36,631 | — | |||||||||||||
Total other income (expense) | (82,866 | ) | (383 | ) | (8,015 | ) | 36,631 | (54,633 | ) | ||||||||||
Income (loss) before income taxes | (84,145 | ) | (25,127 | ) | 670 | 36,631 | (71,971 | ) | |||||||||||
Income tax expense (benefit): | |||||||||||||||||||
Current tax expense (benefit) | 29,643 | (22,970 | ) | 12,931 | — | 19,604 | |||||||||||||
Deferred tax expense (benefit) | (18,715 | ) | 11,718 | 9,706 | — | 2,709 | |||||||||||||
Total income tax expense (benefit) | 10,928 | (11,252 | ) | 22,637 | — | 22,313 | |||||||||||||
Net income (loss) | (95,073 | ) | (13,875 | ) | (21,967 | ) | 36,631 | (94,284 | ) | ||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 789 | — | 789 | ||||||||||||||
Net income (loss) attributable to controlling interest | $ | (95,073 | ) | $ | (13,875 | ) | $ | (22,756 | ) | $ | 36,631 | $ | (95,073 | ) |
Year ended December 31, 2014 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Total revenues | $ | — | $ | 506,205 | $ | 640,147 | $ | (177,668 | ) | $ | 968,684 | ||||||||
Operating expenses | — | 279,396 | 567,653 | (177,668 | ) | 669,381 | |||||||||||||
Depreciation and amortization | — | 87,248 | 57,873 | — | 145,121 | ||||||||||||||
Total operating gross margin (loss) | — | 139,561 | 14,621 | — | 154,182 | ||||||||||||||
General and administration expense (1) | (302 | ) | (33,035 | ) | (1,679 | ) | — | (35,016 | ) | ||||||||||
Provision for reduction in carrying value of certain assets | — | — | — | — | — | ||||||||||||||
Gain (loss) on disposition of assets, net | (79 | ) | 1,156 | (23 | ) | — | 1,054 | ||||||||||||
Total operating income (loss) | (381 | ) | 107,682 | 12,919 | — | 120,220 | |||||||||||||
Other income and (expense): | |||||||||||||||||||
Interest expense | (46,527 | ) | (148 | ) | (7,692 | ) | 10,102 | (44,265 | ) | ||||||||||
Interest income | 1,478 | 623 | 8,196 | (10,102 | ) | 195 | |||||||||||||
Loss on extinguishment of debt | (30,152 | ) | — | — | — | (30,152 | ) | ||||||||||||
Other | — | 2,810 | (271 | ) | — | 2,539 | |||||||||||||
Equity in net earnings of subsidiaries | 67,399 | — | — | (67,399 | ) | — | |||||||||||||
Total other income and (expense) | (7,802 | ) | 3,285 | 233 | (67,399 | ) | (71,683 | ) | |||||||||||
Income (loss) before income taxes | (8,183 | ) | 110,967 | 13,152 | (67,399 | ) | 48,537 | ||||||||||||
Income tax expense (benefit): | |||||||||||||||||||
Current tax expense (benefit) | (17,702 | ) | 24,106 | 16,163 | — | 22,567 | |||||||||||||
Deferred tax expense (benefit) | (13,932 | ) | 16,949 | (1,508 | ) | — | 1,509 | ||||||||||||
Total income tax expense (benefit) | (31,634 | ) | 41,055 | 14,655 | — | 24,076 | |||||||||||||
Net income (loss) | 23,451 | 69,912 | (1,503 | ) | (67,399 | ) | 24,461 | ||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,010 | — | 1,010 | ||||||||||||||
Net income (loss) attributable to controlling interest | $ | 23,451 | $ | 69,912 | $ | (2,513 | ) | $ | (67,399 | ) | $ | 23,451 |
(1) | General and administration expenses for field operations are included in operating expenses. |
Year Ended December 31, 2016 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | $ | (230,814 | ) | $ | (49,625 | ) | $ | (44,844 | ) | $ | 94,469 | $ | (230,814 | ) | |||||
Other comprehensive gain (loss), net of tax: | |||||||||||||||||||
Currency translation difference on related borrowings | — | — | (691 | ) | — | $ | (691 | ) | |||||||||||
Currency translation difference on foreign currency net investments | — | — | (4,265 | ) | — | $ | (4,265 | ) | |||||||||||
Total other comprehensive gain (loss), net of tax: | — | — | (4,956 | ) | — | (4,956 | ) | ||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ | (230,814 | ) | $ | (49,625 | ) | $ | (49,800 | ) | $ | 94,469 | $ | (235,770 | ) |
Year Ended December 31, 2015 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||
Net income (loss) | $ | (95,073 | ) | $ | (13,875 | ) | $ | (21,967 | ) | $ | 36,631 | $ | (94,284 | ) | |||||
Other comprehensive gain (loss), net of tax: | |||||||||||||||||||
Currency translation difference on related borrowings | — | — | (2,012 | ) | — | (2,012 | ) | ||||||||||||
Currency translation difference on foreign currency net investments | — | — | 405 | — | 405 | ||||||||||||||
Total other comprehensive gain (loss), net of tax: | — | — | (1,607 | ) | — | (1,607 | ) | ||||||||||||
Comprehensive income (loss) | (95,073 | ) | (13,875 | ) | (23,574 | ) | 36,631 | (95,891 | ) | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | 4,606 | — | 4,606 | ||||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ | (95,073 | ) | $ | (13,875 | ) | $ | (18,968 | ) | $ | 36,631 | $ | (91,285 | ) |
Year ended December 31, 2014 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Comprehensive income: | |||||||||||||||||||
Net income (loss) | $ | 23,451 | $ | 69,912 | $ | (1,503 | ) | $ | (67,399 | ) | $ | 24,461 | |||||||
Other comprehensive gain (loss), net of tax: | |||||||||||||||||||
Currency translation difference on related borrowings | — | — | (4,870 | ) | — | (4,870 | ) | ||||||||||||
Currency translation difference on foreign currency net investments | — | — | 2,147 | — | 2,147 | ||||||||||||||
Total other comprehensive gain (loss), net of tax: | — | — | (2,723 | ) | — | (2,723 | ) | ||||||||||||
Comprehensive income (loss) | 23,451 | 69,912 | (4,226 | ) | (67,399 | ) | 21,738 | ||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (673 | ) | — | (673 | ) | ||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ | 23,451 | $ | 69,912 | $ | (4,899 | ) | $ | (67,399 | ) | $ | 21,065 |
December 31, 2016 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 65,000 | $ | 14,365 | $ | 40,326 | $ | — | $ | 119,691 | |||||||||
Accounts and notes receivable, net | — | 15,749 | 97,482 | — | 113,231 | ||||||||||||||
Rig materials and supplies | — | (5,369 | ) | 37,723 | — | 32,354 | |||||||||||||
Deferred costs | — | 16 | 1,420 | — | 1,436 | ||||||||||||||
Other tax assets | (50,296 | ) | 35,733 | 21,038 | — | 6,475 | |||||||||||||
Other current assets | — | 5,555 | 7,576 | — | 13,131 | ||||||||||||||
Total current assets | 14,704 | 66,049 | 205,565 | — | 286,318 | ||||||||||||||
Property, plant and equipment, net | (19 | ) | 469,927 | 223,531 | — | 693,439 | |||||||||||||
Goodwill | — | 6,708 | — | — | 6,708 | ||||||||||||||
Intangible assets, net | — | 9,434 | 494 | — | 9,928 | ||||||||||||||
Investment in subsidiaries and intercompany advances | 2,979,413 | 2,932,375 | 3,676,402 | (9,588,190 | ) | — | |||||||||||||
Other noncurrent assets | (253,679 | ) | 301,771 | 539,877 | (480,811 | ) | 107,158 | ||||||||||||
Total assets | $ | 2,740,419 | $ | 3,786,264 | $ | 4,645,869 | $ | (10,069,001 | ) | $ | 1,103,551 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable and accrued liabilities | (10,080 | ) | 149,210 | 577,188 | (617,477 | ) | 98,841 | ||||||||||||
Accrued income taxes | — | 1,576 | 2,504 | — | 4,080 | ||||||||||||||
Total current liabilities | (10,080 | ) | 150,786 | 579,692 | (617,477 | ) | 102,921 | ||||||||||||
Long-term debt, net | 576,326 | — | — | — | 576,326 | ||||||||||||||
Other long-term liabilities | 2,867 | 9,338 | 3,631 | — | 15,836 | ||||||||||||||
Deferred tax liability | (28 | ) | 73,039 | (3,678 | ) | — | 69,333 | ||||||||||||
Intercompany payables | 1,828,317 | 1,437,417 | 2,161,864 | (5,427,598 | ) | — | |||||||||||||
Total liabilities | 2,397,402 | 1,670,580 | 2,741,509 | (6,045,075 | ) | 764,416 | |||||||||||||
Total equity | 343,017 | 2,115,684 | 1,904,360 | (4,023,926 | ) | 339,135 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,740,419 | $ | 3,786,264 | $ | 4,645,869 | $ | (10,069,001 | ) | $ | 1,103,551 |
December 31, 2015 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 73,985 | $ | 13,854 | $ | 46,455 | $ | — | $ | 134,294 | |||||||||
Accounts and notes receivable, net | — | 42,261 | 132,844 | — | 175,105 | ||||||||||||||
Rig materials and supplies | — | (4,744 | ) | 39,681 | — | 34,937 | |||||||||||||
Deferred costs | — | — | 1,367 | — | 1,367 | ||||||||||||||
Other tax assets | — | 457 | 4,735 | — | 5,192 | ||||||||||||||
Other current assets | — | 5,525 | 10,321 | — | 15,846 | ||||||||||||||
Total current assets | 73,985 | 57,353 | 235,403 | — | 366,741 | ||||||||||||||
Property, plant and equipment, net | (19 | ) | 543,346 | 262,514 | — | 805,841 | |||||||||||||
Goodwill | — | 6,708 | — | — | 6,708 | ||||||||||||||
Intangible assets, net | — | 11,740 | 1,637 | — | 13,377 | ||||||||||||||
Investment in subsidiaries and intercompany advances | 3,057,220 | 2,770,501 | 3,319,702 | (9,147,423 | ) | — | |||||||||||||
Other noncurrent assets | (234,786 | ) | 312,790 | 265,995 | (169,964 | ) | 174,035 | ||||||||||||
Total assets | $ | 2,896,400 | $ | 3,702,438 | $ | 4,085,251 | $ | (9,317,387 | ) | $ | 1,366,702 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable and accrued liabilities | 84,456 | 56,382 | 295,439 | (306,574 | ) | 129,703 | |||||||||||||
Accrued income taxes | 9,900 | 2,111 | (5,593 | ) | — | 6,418 | |||||||||||||
Total current liabilities | 94,356 | 58,493 | 289,846 | (306,574 | ) | 136,121 | |||||||||||||
Long-term debt, net | 574,798 | — | — | — | 574,798 | ||||||||||||||
Other long-term liabilities | 2,868 | 7,446 | 8,303 | — | 18,617 | ||||||||||||||
Deferred tax liability | (29 | ) | 69,679 | (996 | ) | — | 68,654 | ||||||||||||
Intercompany payables | 1,656,968 | 1,401,510 | 1,864,671 | (4,923,149 | ) | — | |||||||||||||
Total liabilities | 2,328,961 | 1,537,128 | 2,161,824 | (5,229,723 | ) | 798,190 | |||||||||||||
Total equity | 567,439 | 2,165,310 | 1,923,427 | (4,087,664 | ) | 568,512 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 2,896,400 | $ | 3,702,438 | $ | 4,085,251 | $ | (9,317,387 | ) | $ | 1,366,702 |
Year Ended December 31, 2016 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | (230,814 | ) | $ | (49,625 | ) | $ | (44,844 | ) | $ | 94,469 | (230,814 | ) | ||||||
Adjustments to reconcile net income (loss): | |||||||||||||||||||
Depreciation and amortization | — | 90,218 | 49,577 | — | 139,795 | ||||||||||||||
Accretion of contingent consideration | — | 419 | — | — | 419 | ||||||||||||||
(Gain) loss on debt modification | 1,088 | — | — | — | 1,088 | ||||||||||||||
(Gain) loss on disposition of assets | — | 565 | 1,048 | — | 1,613 | ||||||||||||||
Deferred income tax expense | 47,971 | 14,846 | 6,245 | — | 69,062 | ||||||||||||||
Expenses not requiring cash | 8,389 | (1,624 | ) | (5,403 | ) | — | 1,362 | ||||||||||||
Equity in net earnings (losses) of subsidiaries | 94,469 | — | — | (94,469 | ) | — | |||||||||||||
Change in assets and liabilities: | |||||||||||||||||||
Accounts and notes receivable | — | 25,923 | 34,468 | — | 60,391 | ||||||||||||||
Rig materials and supplies | — | (73 | ) | (1,679 | ) | — | (1,752 | ) | |||||||||||
Other current assets | 50,296 | (35,322 | ) | (12,834 | ) | — | 2,140 | ||||||||||||
Accounts payable and accrued liabilities | (121,016 | ) | 97,315 | 4,207 | — | (19,494 | ) | ||||||||||||
Accrued income taxes | (10,381 | ) | (626 | ) | 4,585 | — | (6,422 | ) | |||||||||||
Other assets | (299 | ) | 101 | 4,095 | — | 3,897 | |||||||||||||
Net cash provided by (used in) operating activities | (160,297 | ) | 142,117 | 39,465 | — | 21,285 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (15,384 | ) | (13,570 | ) | — | (28,954 | ) | |||||||||||
Proceeds from the sale of assets | — | 437 | 2,004 | — | 2,441 | ||||||||||||||
Net cash provided by (used in) investing activities | — | (14,947 | ) | (11,566 | ) | — | (26,513 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Payment for noncontrolling interest | (3,375 | ) | — | — | — | (3,375 | ) | ||||||||||||
Payment of contingent consideration | — | (6,000 | ) | — | — | (6,000 | ) | ||||||||||||
Intercompany advances, net | 154,687 | (120,659 | ) | (34,028 | ) | — | — | ||||||||||||
Net cash provided by (used in) financing activities | 151,312 | (126,659 | ) | (34,028 | ) | — | (9,375 | ) | |||||||||||
Net change in cash and cash equivalents | (8,985 | ) | 511 | (6,129 | ) | — | (14,603 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 73,985 | 13,854 | 46,455 | — | 134,294 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 65,000 | $ | 14,365 | $ | 40,326 | $ | — | $ | 119,691 |
Year Ended December 31, 2015 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | (95,073 | ) | $ | (13,875 | ) | $ | (21,967 | ) | $ | 36,631 | (94,284 | ) | ||||||
Adjustments to reconcile net income (loss): | |||||||||||||||||||
Depreciation and amortization | — | 95,071 | 61,123 | — | 156,194 | ||||||||||||||
Accretion of contingent consideration | — | 826 | — | — | 826 | ||||||||||||||
(Gain) loss on disposition of assets | — | (439 | ) | (1,204 | ) | — | (1,643 | ) | |||||||||||
Deferred income tax expense (benefit) | (18,715 | ) | 11,718 | 9,706 | — | 2,709 | |||||||||||||
Provision for reduction in carrying value of certain assets | — | 2,088 | 10,402 | — | 12,490 | ||||||||||||||
Expenses not requiring cash | 6,311 | 854 | (2,062 | ) | — | 5,103 | |||||||||||||
Equity in net earnings (losses) of subsidiaries | 36,631 | — | — | (36,631 | ) | — | |||||||||||||
Change in assets and liabilities: | |||||||||||||||||||
Accounts and notes receivable | (33 | ) | 61,818 | 42,210 | — | 103,995 | |||||||||||||
Rig materials and supplies | — | 51 | 2,671 | — | 2,722 | ||||||||||||||
Other current assets | 19,885 | (16,257 | ) | 8,920 | — | 12,548 | |||||||||||||
Accounts payable and accrued liabilities | 10,228 | (21,396 | ) | (16,257 | ) | — | (27,425 | ) | |||||||||||
Accrued income taxes | 15,368 | (9,405 | ) | (13,920 | ) | — | (7,957 | ) | |||||||||||
Other assets | (198,955 | ) | 186,591 | 9,208 | — | (3,156 | ) | ||||||||||||
Net cash provided by (used in) operating activities | (224,353 | ) | 297,645 | 88,830 | — | 162,122 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (58,817 | ) | (29,380 | ) | — | (88,197 | ) | |||||||||||
Proceeds from the sale of assets | — | 500 | 330 | — | 830 | ||||||||||||||
Proceeds from insurance settlements | — | — | 2,500 | — | 2,500 | ||||||||||||||
Acquisitions, net of cash acquired | (3,375 | ) | (10,431 | ) | — | — | (13,806 | ) | |||||||||||
Divestitures, net of cash acquired | — | — | (2,570 | ) | — | (2,570 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (3,375 | ) | (68,748 | ) | (29,120 | ) | — | (101,243 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayment of long term debt | (30,000 | ) | — | — | — | (30,000 | ) | ||||||||||||
Payment of debt issuance costs | (1,996 | ) | — | — | — | (1,996 | ) | ||||||||||||
Payment of contingent consideration | — | (2,000 | ) | — | — | (2,000 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | (1,045 | ) | — | — | — | (1,045 | ) | ||||||||||||
Intercompany advances, net | 298,026 | (226,589 | ) | (71,437 | ) | — | — | ||||||||||||
Net cash provided by (used in) financing activities | 264,985 | (228,589 | ) | (71,437 | ) | — | (35,041 | ) | |||||||||||
Net change in cash and cash equivalents | 37,257 | 308 | (11,727 | ) | — | 25,838 | |||||||||||||
Cash and cash equivalents at beginning of year | 36,728 | 13,546 | 58,182 | — | 108,456 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 73,985 | $ | 13,854 | $ | 46,455 | $ | — | $ | 134,294 |
Year Ended December 31, 2014 | |||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 23,451 | $ | 69,912 | $ | (1,503 | ) | $ | (67,399 | ) | $ | 24,461 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | — | 87,248 | 57,873 | — | 145,121 | ||||||||||||||
Loss on extinguishment of debt | 30,152 | — | — | — | 30,152 | ||||||||||||||
Gain (loss) on disposition of assets | 79 | (1,156 | ) | 23 | — | (1,054 | ) | ||||||||||||
Deferred income tax expense | (13,932 | ) | 16,949 | (1,508 | ) | — | 1,509 | ||||||||||||
Expenses not requiring cash | 11,978 | (710 | ) | 8,063 | — | 19,331 | |||||||||||||
Equity in net earnings of subsidiaries | (67,399 | ) | — | — | 67,399 | — | |||||||||||||
Change in assets and liabilities: | |||||||||||||||||||
Accounts and notes receivable | 32 | 11,937 | (24,207 | ) | — | (12,238 | ) | ||||||||||||
Rig materials and supplies | — | 2,990 | (5,868 | ) | — | (2,878 | ) | ||||||||||||
Other current assets | 34,639 | (27,404 | ) | 18,797 | — | 26,032 | |||||||||||||
Accounts payable and accrued liabilities | 2,336 | (20,492 | ) | 45,387 | — | 27,231 | |||||||||||||
Accrued income taxes | (12,474 | ) | 11,107 | (6,290 | ) | — | (7,657 | ) | |||||||||||
Other assets | 799 | (32,259 | ) | (16,083 | ) | — | (47,543 | ) | |||||||||||
Net cash provided by (used in) operating activities | 9,661 | 118,122 | 74,684 | — | 202,467 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (125,260 | ) | (54,253 | ) | — | (179,513 | ) | |||||||||||
Proceeds from the sale of assets | — | 2,594 | 3,344 | — | 5,938 | ||||||||||||||
Net cash provided by (used in) investing activities | — | (122,666 | ) | (50,909 | ) | — | (173,575 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from debt issuance | 400,000 | — | — | — | 400,000 | ||||||||||||||
Repayment of long term debt | (435,000 | ) | — | — | — | (435,000 | ) | ||||||||||||
Payment of debt issuance costs | (7,630 | ) | — | — | — | (7,630 | ) | ||||||||||||
Payment of debt extinguishment costs | (26,214 | ) | — | — | — | (26,214 | ) | ||||||||||||
Excess tax benefit from stock-based compensation | (281 | ) | — | — | — | (281 | ) | ||||||||||||
Intercompany advances, net | 7,495 | 9,780 | (17,275 | ) | — | — | |||||||||||||
Net cash provided by (used in) financing activities | (61,630 | ) | 9,780 | (17,275 | ) | — | (69,125 | ) | |||||||||||
Net change in cash and cash equivalents | (51,969 | ) | 5,236 | 6,500 | — | (40,233 | ) | ||||||||||||
Cash and cash equivalents at beginning of year | 88,697 | 8,310 | 51,682 | — | 148,689 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 36,728 | $ | 13,546 | $ | 58,182 | $ | — | $ | 108,456 |
Quarter | |||||||||||||||||||
Year 2016 | First | Second | Third | Fourth | Total | ||||||||||||||
(Dollars in Thousands Except Per Share Amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Revenues | $ | 130,503 | $ | 105,287 | $ | 97,189 | $ | 94,025 | $ | 427,004 | |||||||||
Operating gross margin (loss) | $ | (13,428 | ) | $ | (20,225 | ) | $ | (21,965 | ) | $ | (19,694 | ) | $ | (75,312 | ) | ||||
Operating income (loss) | $ | (23,269 | ) | $ | (28,222 | ) | $ | (29,576 | ) | $ | (30,190 | ) | $ | (111,257 | ) | ||||
Net income (loss) attributable to controlling interest | $ | (95,835 | ) | $ | (39,822 | ) | $ | (46,228 | ) | $ | (48,929 | ) | $ | (230,814 | ) | ||||
Basic earnings per share — net income (loss) | $ | (0.78 | ) | $ | (0.32 | ) | $ | (0.37 | ) | $ | (0.39 | ) | $ | (1.86 | ) | ||||
Diluted earnings per share — net income (loss) | $ | (0.78 | ) | $ | (0.32 | ) | $ | (0.37 | ) | $ | (0.39 | ) | $ | (1.86 | ) | ||||
Quarter | |||||||||||||||||||
Year 2015 | First | Second | Third | Fourth | Total | ||||||||||||||
(Dollars in Thousands Except Per Share Amounts) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Revenues | $ | 204,076 | $ | 185,941 | $ | 173,418 | $ | 148,748 | $ | 712,183 | |||||||||
Operating gross margin (loss) | $ | 24,267 | $ | 4,021 | $ | 4,871 | $ | (3,460 | ) | $ | 29,699 | ||||||||
Operating income (loss) | $ | 15,871 | $ | (7,944 | ) | $ | (4,547 | ) | $ | (20,718 | ) | $ | (17,338 | ) | |||||
Net income (loss) attributable to controlling interest | $ | 3,222 | $ | (14,029 | ) | $ | (48,620 | ) | $ | (35,646 | ) | $ | (95,073 | ) | |||||
Basic earnings per share — net income (loss) (1) | $ | 0.03 | $ | (0.11 | ) | $ | (0.40 | ) | $ | (0.29 | ) | $ | (0.78 | ) | |||||
Diluted earnings per share — net income (loss) (1) | $ | 0.03 | $ | (0.11 | ) | $ | (0.40 | ) | $ | (0.29 | ) | $ | (0.78 | ) |
(1) | As a result of shares issued during the year, earnings (loss) per share for each of the year's four quarters, which are based on weighted average shares outstanding during each quarter, may not equal the annual earnings (loss) per share, which is based on the weighted average shares outstanding during the year. Additionally, as a result of rounding to the thousands, revenues, operating gross margin (loss), operating income (loss), and net income (loss) attributable to controlling interest may not equal the 2015 year to date results. |
• | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | provide reasonable assurance transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States, |
• | provide reasonable assurance that receipts and expenditures of the Company are being made only in accordance with authorization of management and directors of the Company; and |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
Page | |
(2) Financial Statement Schedule: | |
Exhibit Number | Description | |||
2.1 | — | Sale and Purchase Agreement, dated April 22, 2013, among ITS Tubular Services (Holdings) Limited, as Seller, Ian David Green, John Bruce Cartwright and Graham Douglas Frost, as joint administrators of the Seller, ITS Holdings, Inc. and PD International Holdings C.V., Parker Drilling Offshore Corporation and Parker Drilling Company (Incorporated by reference to Exhibit 10.1 to Parker Drilling Company's Current Report on Form 8-K filed on April 23, 2013). | ||
3.1 | — | Restated Certificate of Incorporation of the Company, as amended on May 16, 2007 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed on November 9, 2007). | ||
3.2 | — | By-laws of Parker Drilling Company, as amended and restated as of July 31, 2014 (Incorporated by reference to Exhibit 3.1 to Parker Drilling Company's Current Report on Form 8-K filed on August 1, 2014). | ||
4.1 | — | Indenture, dated July 30, 2013, between Parker Drilling Company, the subsidiary guarantors from time to time parties hereto, as, collectively, Guarantors, and The Bank of New York Mellon Trust Company, N.A. as Trustee (Incorporated by reference to Exhibit 10.3 to Parker Drilling Company's Current Report on Form 8-K filed on July 25, 2013). | ||
4.2 | — | Form of 7.500% Senior Note due 2020 (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on July 31, 2013). | ||
4.3 | — | Indenture, dated January 22, 2014, among Parker Drilling Company, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on January 28, 2014). | ||
4.4 | — | Form of 6.750% Senior Note due 2018 (incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on January 28, 2014). | ||
10.1 | — | Parker Drilling Company Incentive Compensation Plan (as amended and restated effective January 1, 2009) (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K filed on March 1, 2011).* | ||
10.2 | — | Parker Drilling Company 2010 Long-Term Incentive Plan (as amended and restated effective May 8, 2013) (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement filed on March 28, 2013).* | ||
10.3 | — | Form of Parker Drilling Company Restricted Stock Unit Incentive Agreement under the 2010 LTIP (as amended and restated effective May 8, 2013) (incorporated by reference to Exhibit 10.6 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.4 | — | Form of Parker Drilling Company Performance Stock Unit Award Incentive Agreement under the 2010 LTIP (as amended and restated effective May 8, 2013) (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.5 | — | Form of Parker Drilling Company Performance Cash Unit Award Incentive Agreement under the 2010 LTIP (as amended and restated effective May 8, 2013) (incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.6 | — | Form of Parker Drilling Company Performance-Based Phantom Stock Unit Award Incentive Agreement under the 2010 LTIP (as amended and restated effective May 8, 2013) (incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K filed on February 24, 2016).* | ||
10.7 | — | Form of Parker Drilling Company Time-Based Phantom Stock Unit Award Incentive Agreement under the 2010 LTIP (as amended and restated effective May 8, 2013).* | ||
10.8 | — | Parker Drilling Company 2010 Long-Term Incentive Plan (as amended and restated as of May 10, 2016) (incorporated by reference to Appendix A of the Company's Notice of Annual Meeting of Stockholders and Proxy Statement filed on March 31, 2016).* | ||
10.9 | — | Form of Parker Drilling Company Restricted Stock Unit Incentive Agreement under the 2010 LTIP (as amended as of May 10, 2016).* | ||
10.10 | — | Form of Indemnification Agreement entered into between Parker Drilling Company and each director and executive officer of Parker Drilling Company (incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K filed on March 20, 2003).* | ||
10.11 | — | Employment Agreement dated December 6, 2010 between Parker Drilling Company and Philip Agnew (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.12 | — | Employment Agreement between Mr. Jon-Al Duplantier and Parker Drilling Company, effective March 21, 2011 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 25, 2011).* | ||
10.13 | — | Employment Agreement dated August 15, 2011 between Parker Drilling Company and David Farmer (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.14 | — | First Amendment dated August 29, 2011 to Employment Agreement between Parker Drilling Company and Philip Agnew (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K filed on February 25, 2015).* | ||
10.15 | — | First Amendment dated August 29, 2011 to Employment Agreement between Mr. Jon-Al Duplantier and Parker Drilling Company, effective March 21, 2011 (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on August 30, 2011).* | ||
10.16 | — | Employment Agreement, dated as of September 17, 2012, by and between Parker Drilling Company and Gary Rich (incorporated by reference to Exhibit 10.23 to the Company’s Current Report on Form 8-K filed on September 24, 2012).* | ||
10.17 | — | Employment Agreement dated May 3, 2013 between Parker Drilling Company and Christopher Weber (incorporated by reference to Exhibit 10.1 to Parker Drilling Company's Current Report on Form 8-K filed on May 14, 2013).* | ||
10.18 | — | Form of Restricted Stock Unit Incentive Agreement between Parker Drilling Company and Christopher Weber (incorporated by reference to Exhibit 10.2 to Parker Drilling Company's Current Report on Form 8-K filed on May 14, 2013).* | ||
10.19 | — | Retirement and Separation Agreement, dated November 1, 2013, between Parker Drilling Company and Robert L. Parker, Jr. (incorporated by reference to Exhibit 10.1 to Parker Drilling Company's Current Report on Form 8-K filed on November 4, 2013).* | ||
10.2 | — | Separation Agreement and Release dated as of December 30, 2016 between Parker Drilling Company and Philip Agnew (incorporated by reference to Exhibit 10.1 to Parker Drilling Company's Current Report on Form 8-K filed on January 6, 2017).* | ||
10.21 | — | Separation Agreement and Release dated as of December 30, 2016 between Parker Drilling Company and David Farmer (incorporated by reference to Exhibit 10.2 to Parker Drilling Company's Current Report on Form 8-K filed on January 6, 2017).* | ||
10.22 | — | Second Amended and Restated Credit Agreement, dated January 26, 2015, among Parker Drilling Company, as Borrower, Bank of America, N.A., as Administrative Agent and L/C Issuer, Wells Fargo Bank, National Association, as Syndication Agent, Barclays Bank PLC, as Documentation Agent, and the other lenders and L/C issuers from time to time party thereto (incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K filed on February 25, 2015). | ||
10.23 | — | First Amendment to the Second Amended and Restated Credit Agreement, dated June 1, 2015, among Parker Drilling Company, as Borrower, Bank of America, N.A., as Administrative Agent and L/C Issuer, Wells Fargo Bank, National Association, as Syndication Agent, Barclays Bank PLC, as Documentation Agent, and the other lenders and L/C issuers from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 6, 2015). | ||
10.24 | — | Second Amendment to the Second Amended and Restated Credit Agreement, dated September 29, 2015, among Parker Drilling Company, as Borrower, Bank of America, N.A., as Administrative Agent and L/C Issuer, Wells Fargo Bank, National Association, as Syndication Agent, Barclays Bank PLC, as Documentation Agent, and the other lenders and L/C issuers from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on November 4, 2015). | ||
10.25 | — | Third Amendment to the Second Amended and Restated Credit Agreement, dated May 27, 2016, among Parker Drilling Company, as Borrower, Bank of America, N.A., as Administrative Agent and L/C Issuer, Wells Fargo Bank, National Association, as Syndication Agent, Barclays Bank PLC, as Documentation Agent, and the other lenders and L/C issuers from time to time party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 3, 2016). | ||
12.1 | — | Computation of Ratio of Earnings to Fixed Charges. | ||
21 | — | Subsidiaries of the Registrant. | ||
23.1 | — | Consent of KPMG LLP — Independent Registered Public Accounting Firm. | ||
31.1 | — | Gary Rich, President and Chief Executive Officer, Rule 13a-14(a)/15d-14(a) Certification. | ||
31.2 | — | Christopher T. Weber, Senior Vice President and Chief Financial Officer, Rule 13a-14(a)/15d-14(a) Certification. | ||
32.1 | — | Gary Rich, President and Chief Executive Officer, Section 1350 Certification. | ||
32.2 | — | Christopher T. Weber, Senior Vice President and Chief Financial Officer, Section 1350 Certification. | ||
101.INS | — | XBRL Instance Document. | ||
101.SCH | — | XBRL Taxonomy Schema Document. |
101.CAL | — | XBRL Calculation Linkbase Document. | ||
101.LAB | — | XBRL Label Linkbase Document. | ||
101.PRE | — | XBRL Presentation Linkbase Document. | ||
101.DEF | — | XBRL Definition Linkbase Document. |
Classifications | Balance at beginning of year | Charged to cost and expenses | Charged to other accounts | Deductions | Balance at end of year | |||||||||||||||
Dollars in Thousands | ||||||||||||||||||||
Year Ended December 31, 2016 | ||||||||||||||||||||
Allowance for bad debt | $ | 8,694 | $ | 1,483 | $ | 4 | $ | (1,922 | ) | $ | 8,259 | |||||||||
Allowance for obsolete rig materials and supplies | $ | 626 | 978 | $ | (3 | ) | $ | (435 | ) | $ | 1,166 | |||||||||
Deferred tax valuation allowance | $ | 51,105 | $ | 117,707 | $ | 2,321 | $ | — | $ | 171,133 | ||||||||||
Year Ended December 31, 2015 | ||||||||||||||||||||
Allowance for bad debt | $ | 11,188 | $ | 341 | $ | (825 | ) | $ | (2,010 | ) | $ | 8,694 | ||||||||
Allowance for obsolete rig materials and supplies | $ | 530 | — | $ | 236 | $ | (140 | ) | $ | 626 | ||||||||||
Deferred tax valuation allowance | $ | 9,922 | $ | 40,676 | $ | 507 | $ | — | $ | 51,105 | ||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Allowance for bad debt | $ | 12,853 | $ | 5,248 | $ | — | $ | (6,913 | ) | $ | 11,188 | |||||||||
Allowance for obsolete rig materials and supplies | $ | 3,445 | $ | — | $ | 1 | $ | (2,916 | ) | $ | 530 | |||||||||
Deferred tax valuation allowance | $ | 6,827 | $ | 2,800 | $ | 295 | $ | — | $ | 9,922 |
PARKER DRILLING COMPANY | |||
By: | /s/ Christopher T. Weber | ||
Christopher T. Weber | |||
Senior Vice President and Chief Financial Officer |
Signature | Title | Date | ||||
By: | /s/ Gary G. Rich | Chairman, President, and Chief Executive Officer (Principal Executive Officer) | February 21, 2017 | |||
Gary G. Rich | ||||||
By: | /s/ Christopher T. Weber | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | February 21, 2017 | |||
Christopher T. Weber | ||||||
By: | /s/ Leslie K. Nagy | Controller and Principal Accounting Officer (Principal Accounting Officer) | February 21, 2017 | |||
Leslie K. Nagy | ||||||
By: | /s/ Jonathan M. Clarkson | Director | February 21, 2017 | |||
Jonathan M. Clarkson | ||||||
By: | /s/ Peter T. Fontana | Director | February 21, 2017 | |||
Peter T. Fontana | ||||||
By: | /s/ Gary R. King | Director | February 21, 2017 | |||
Gary R. King | ||||||
By: | /s/ Robert L. Parker Jr. | Director | February 21, 2017 | |||
Robert L. Parker Jr. | ||||||
By: | /s/ Richard D. Paterson | Director | February 21, 2017 | |||
Richard D. Paterson | ||||||
By: | /s/ Roger B. Plank | Director | February 21, 2017 | |||
Roger B. Plank | ||||||
By: | /s/ R. Rudolph Reinfrank | Director | February 21, 2017 | |||
R. Rudolph Reinfrank | ||||||
By: | /s/ Zaki Selim | Director | February 21, 2017 | |||
Zaki Selim | ||||||
Exhibit Number | Description | |||
12.1 | — | Computation of Ratio of Earnings to Fixed Charges | ||
21 | — | Subsidiaries of the Registrant. | ||
23.1 | — | Consent of KPMG LLP — Independent Registered Public Accounting Firm. | ||
31.1 | — | Gary G. Rich, President and Chief Executive Officer, Rule 13a-14(a)/15d-14(a) Certification. | ||
31.2 | — | Christopher T. Weber, Senior Vice President and Chief Financial Officer, Rule 13a-14(a)/15d-14(a) Certification. | ||
32.1 | — | Gary G. Rich, President and Chief Executive Officer, Section 1350 Certification. | ||
32.2 | — | Christopher T. Weber, Senior Vice President and Chief Financial Officer, Section 1350 Certification. | ||
101.INS | — | XBRL Instance Document. | ||
101.SCH | — | XBRL Taxonomy Schema Document. | ||
101.CAL | — | XBRL Calculation Linkbase Document. | ||
101.LAB | — | XBRL Label Linkbase Document. | ||
101.PRE | — | XBRL Presentation Linkbase Document. | ||
101.DEF | — | XBRL Definition Linkbase Document. |
Title: |
Fiscal Year Ended December 31, | ||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Pretax Income (Loss) | (156,644 | ) | (71,971 | ) | 48,537 | 52,787 | 70,977 | |||||||
Fixed Charges | 45,974 | 45,379 | 45,436 | 50,196 | 43,782 | |||||||||
Amortization of Capitalized Interest | 3,916 | 3,793 | 3,939 | 4,058 | 1,887 | |||||||||
Capitalized Interest | (162 | ) | (224 | ) | (1,171 | ) | (2,376 | ) | (10,240 | ) | ||||
Earnings (Loss) before Income Tax & Fixed Charges | (106,916 | ) | (23,023 | ) | 96,741 | 104,665 | 106,406 | |||||||
Interest Expense | 45,812 | 45,155 | 44,265 | 47,820 | 33,542 | |||||||||
Capitalized Interest | 162 | 224 | 1,171 | 2,376 | 10,240 | |||||||||
Total Fixed Charges | 45,974 | 45,379 | 45,436 | 50,196 | 43,782 | |||||||||
Ratio of Earnings to Fixed Charges | (1 | ) | (2 | ) | 2.1x | 2.1x | 2.4x |
The following is a list of significant subsidiaries of the Registrant: | |||
1 | Parker North America Operations, Inc. (Nevada)-100% direct subsidiary. | ||
2 | Parker Drilling International Holding Company, LLC (Delaware)-100% direct subsidiary. | ||
3 | Parker Technology, Inc. (Oklahoma)-100% direct subsidiary. | ||
4 | Universal Rig Service LLC (Delaware)-100% direct subsidiary. | ||
5 | Parker Drilling Offshore USA, LLC (Oklahoma)-100% indirect subsidiary-owned by Parker Drilling Offshore, LLC (100%). | ||
6 | Parker Drilling Company International Limited (Nevada)-100% indirect subsidiary-owned by Parker Drilling Eurasia, Inc. (100%) | ||
7 | Parker Drilling Company Eastern Hemisphere, Ltd. Co. (Oklahoma)-100% indirect subsidiary-owned by Parker Drilling Eurasia, Inc. (100%). | ||
8 | Parker Drilling Netherlands B.V. (Netherlands)-100% indirect subsidiary-owned by PD Selective Holdings C.V. (100%). | ||
9 | Parker Drilling Russia B.V. (Netherlands)-100% indirect subsidiary-owned by Parker Drilling Netherlands B.V. (100%). | ||
10 | Parker Drilling Arctic Operating, LLC (Delaware)-100% indirect subsidiary-owned by Parker North America Operations, Inc. (100%). | ||
11 | Parker Drilling Offshore International, Inc. (Cayman Islands)-100% indirect subsidiary-owned by Parker Drilling Offshore LLC (100%). | ||
12 | Primorsky Drill Rig Services BV (Netherlands)-100% indirect subsidiary-owned by Parker Drilling Netherlands B.V. (100%). | ||
13 | Parker Drilling Management Services, Inc. (Nevada)-100% indirect subsidiary-owned by Parker North America Operations, Inc. (100%). | ||
14 | Parker Hungary Rig Holding LLC - Guatemala Branch (Guatemala)-100% indirect subsidiary-owned by Parker Hungary Rig Holding LLC (100%). | ||
15 | International Tubulars FZE (United Emirates)-100% indirect subsidiary-owned by International Tubular Services Limited (100%). | ||
16 | Parker Hungary Rig Holding LLC - Switzerland Branch (Switzerland)-100% indirect subsidiary-owned by Parker Hungary Rig Holding LLC (100%). | ||
17 | Parker Drilling Alaska Services, Ltd (United Kingdom)-100% indirect subsidiary-owned by Parker Drilling Arctic Operating, LLC (100%). | ||
18 | Parker Drilling Overseas B.V. - Abu Dhabi Branch (United Emirates)-100% indirect subsidiary-owned by Parker Drilling Overseas B.V. (100%). | ||
19 | Quail Tools, L.P. (Oklahoma)-100% indirect subsidiary-owned by Parker Tools, LLC (99%) and Quail USA LLC (1%). | ||
20 | International Tubular Services De Mexico, S. De R.I. De C.V. (Mexico)-100% indirect subsidiary-owned by International Tubular Services Limited (99%) and ITS Egypt Holdings 2, Ltd (1%). | ||
21 | Parker Drilling Eurasia, Inc. (Delaware)-100% indirect subsidiary-owned by Parker Drilling International Holding Co LLC (64.8%) and Parker Drilling Offshore LLC (35.2%). | ||
22 | International Tubular Services Limited (United Kingdom)-100% indirect subsidiary-owned by PD ITS Holdings C.V.. | ||
Note: Certain subsidiaries have been omitted from the list since they would not, even if considered in the aggregate, constitute a significant subsidiary. All subsidiaries are included in the consolidated financial statements. | |||
1. | I have reviewed this annual report on Form 10-K for the period ended December 31, 2016, of Parker Drilling Company (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Gary G. Rich |
Gary G. Rich |
Chairman, President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K for the period ended December 31, 2016, of Parker Drilling Company (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Christopher T. Weber |
Christopher T. Weber |
Senior Vice President and Chief Financial Officer |
1. | The Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Report) fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Gary G. Rich |
Gary G. Rich |
Chairman, President and Chief Executive Officer |
1. | The Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Report) fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Christopher T. Weber |
Christopher T. Weber |
Senior Vice President and Chief Financial Officer |
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Jun. 30, 2016 |
|
Document Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | PKD | |
Entity Registrant Name | PARKER DRILLING CO /DE/ | |
Entity Central Index Key | 0000076321 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 125,227,182 | |
Entity Public Float | $ 274.1 |
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement [Abstract] | |||
Revenues | $ 427,004,000 | $ 712,183,000 | $ 968,684,000 |
Expenses: | |||
Operating expenses | 362,521,000 | 526,290,000 | 669,381,000 |
Depreciation and amortization | 139,795,000 | 156,194,000 | 145,121,000 |
Total expenses | 502,316,000 | 682,484,000 | 814,502,000 |
Total operating gross margin (loss) | (75,312,000) | 29,699,000 | 154,182,000 |
General and administration expense | (34,332,000) | (36,190,000) | (35,016,000) |
Provision for reduction in carrying value of certain assets | 0 | (12,490,000) | 0 |
Gain (loss) on disposition of assets, net | (1,613,000) | 1,643,000 | 1,054,000 |
Total operating income (loss) | (111,257,000) | (17,338,000) | 120,220,000 |
Other income (expense): | |||
Interest expense | (45,812,000) | (45,155,000) | (44,265,000) |
Interest income | 58,000 | 269,000 | 195,000 |
Loss on extinguishment of debt | 0 | 0 | (30,152,000) |
Other | 367,000 | (9,747,000) | 2,539,000 |
Total other income (expense) | (45,387,000) | (54,633,000) | (71,683,000) |
Income (loss) before income taxes | (156,644,000) | (71,971,000) | 48,537,000 |
Current tax expense (benefit) | 5,108,000 | 19,604,000 | 22,567,000 |
Deferred tax expense (benefit) | 69,062,000 | 2,709,000 | 1,509,000 |
Total income tax expense (benefit) | 74,170,000 | 22,313,000 | 24,076,000 |
Net income (loss) | (230,814,000) | (94,284,000) | 24,461,000 |
Less: Net income attributable to noncontrolling interest | 0 | 789,000 | 1,010,000 |
Net income (loss) attributable to controlling interest | $ (230,814,000) | $ (95,073,000) | $ 23,451,000 |
Basic earnings (loss) per share: | $ (1.86) | $ (0.78) | $ 0.19 |
Diluted earnings (loss) per share: | $ (1.86) | $ (0.78) | $ 0.19 |
Number of common shares used in computing earnings per share: | |||
Basic | 124,130,004 | 122,562,187 | 121,186,464 |
Diluted | 124,130,004 | 122,562,187 | 123,076,648 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Comprehensive income (loss): | |||
Net income (loss) | $ (230,814) | $ (94,284) | $ 24,461 |
Other comprehensive gain (loss), net of tax: | |||
Currency translation difference on related borrowings | (691) | (2,012) | (4,870) |
Currency translation difference on foreign currency net investments | (4,265) | 405 | 2,147 |
Total other comprehensive gain (loss), net of tax: | (4,956) | (1,607) | (2,723) |
Comprehensive income (loss) | (235,770) | (95,891) | 21,738 |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 4,606 | (673) |
Comprehensive income (loss) attributable to controlling interest | $ (235,770) | $ (91,285) | $ 21,065 |
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of Financial Position [Abstract] | ||
Allowance for bad debts | $ (8,259,000) | $ (8,694,000) |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,320,644,000 | $ 1,302,380,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,942,000 | 1,942,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.166667 | $ 0.166667 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Basic | 124,130,004 | 122,562,187 |
Diluted | 124,130,004 | 122,562,187 |
Deferred Finance Costs, Noncurrent, Net | $ 8,674,000 | $ 10,202,000 |
Acquisitions Acquisitions (Notes) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions Acquisition of 2M-Tek On April 17, 2015 we acquired 2M-Tek, a Louisiana-based manufacturer of equipment for tubular running and related well services (the 2M-Tek Acquisition) for an initial purchase price of $10.4 million paid at the closing of the acquisition, plus $8.0 million of contingent consideration payable to the seller upon the achievement of certain milestones over the 24-month period following the closing of the 2M-Tek Acquisition. The fair value of the consideration transferred was $17.2 million, which includes the $10.4 million paid at closing plus the estimated fair value of the contingent consideration of $6.8 million. We paid $2.0 million of the contingent consideration upon the achievement of certain milestones during the fourth quarter of 2015 and $2.0 million during the first quarter of 2016. The remaining $4.0 million of the contingent consideration was paid in April 2016. |
Goodwill and Intangible Assets (Notes) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets We account for business combinations using the acquisition method of accounting. Under this method, assets and liabilities, including any remaining noncontrolling interests, are recognized at fair value at the date of acquisition. The excess of the purchase price over the fair value of assets acquired, net of liabilities assumed, plus the value of any noncontrolling interests, is recognized as goodwill. We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. As a result of our 2016 analysis, we determined that the fair value of the reporting unit exceeded its carrying value and therefore, no goodwill impairment was identified. Should current market conditions worsen or persist for an extended period of time, an impairment of the carrying value of our goodwill could occur. As part of the 2M-Tek Acquisition we recognized $6.7 million of goodwill and acquired definite-lived intangible assets with an acquisition date fair value of $13.5 million. All of the Company's goodwill and intangible assets are allocated to the International Rental Tools segment. Goodwill The change in the carrying amount of goodwill for the year ended December 31, 2016 is as follows:
Of the total amount of goodwill recognized, zero is expected to be deductible for income tax purposes. Intangible Assets Intangible Assets consist of the following:
(1) During the 2015 fourth quarter, we sold our controlling interest in a joint venture in Egypt resulting in the write-off of $0.6 million of intangible assets related to customer relationships and trade name. Amortization expense was $3.5 million, $4.3 million, and $2.6 million for the year ended December 31, 2016, 2015, and 2014 respectively. Our remaining intangibles amortization expense for the next five years is presented below:
|
Accumulated Other Comprehensive Income |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Accumulated other comprehensive income consisted of the following:
Amounts reclassified out of accumulated other comprehensive loss were $1.9 million for the year ended December 31, 2016 and represent realized foreign currency translation gains. |
Property Plant and Equipment |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment The components of our property, plant and equipment balance are as follows:
Depreciation expense was $136.3 million, $151.9 million and $142.5 million for the years ended December 31, 2016, 2015, and 2014, respectively. Provision for Reduction in Carrying Value of an Asset Asset impairment evaluations are, by nature, highly subjective. They involve expectations about future cash flows generated by our assets and reflect management’s assumptions and judgments regarding future industry conditions and their effect on future utilization levels, dayrates and costs. The use of different estimates and assumptions could result in materially different carrying values of our assets. We review the carrying amounts of long-lived assets for potential impairment when events occur, or circumstances change, which indicate the carrying values of such assets may not be recoverable. During the 2016 first quarter, events and circumstances indicated that carrying value of certain assets in our Rental Tools and International & Alaska Drilling segments might not be recoverable. However, our estimate of undiscounted cash flows indicated that the related carrying amounts were expected to be recovered. No further assessment of the recoverability of our assets was required for the year ended December 31, 2016. Should current market conditions worsen or persist for an extended period of time, it is possible that the estimate of undiscounted cash flows may change resulting in the need to write down those assets to fair value. During the 2015 third quarter, as a result of the continued decline in oil prices and expected slower recovery, we performed a recoverability test for our respective asset groups. Based on the results of our recoverability test, the current carrying values of our asset groups are fully recoverable through our future estimated cash flows and thus were not subject to impairment at September 30, 2015. The determination of our forecasted cashflows for the respective asset groups included underlying assumptions and estimates with regard to dayrates, utilization, operating costs and capital expenditures associated with each rig based on its expected operating status (i.e. operating, stacked, etc.). Although no impairment of our asset groups was identified as a result of our 2015 recoverability analyses, during the year ended December 31, 2015, we recorded $12.5 million of provisions for reduction in carrying value of assets. During the 2015 fourth quarter management made a decision to exit the Drilling Services business in Colombia. As of December 31, 2015, there were three-rigs in the country. One of the rigs was marketed for operations outside of Colombia, and for the remaining two rigs, components of the rigs that were useable elsewhere in our operations were re-deployed and the carrying value of the remaining components was written-off, resulting in a provision for reduction in carrying value of $4.8 million. In addition, during the 2015 fourth quarter, to adjust to the lower level of current and expected drilling activity, we performed a review of certain individual assets within our asset groups and recorded a $4.3 million provision for reduction in carrying value of assets primarily related to drilling equipment in our International & Alaska Drilling segment. During the 2015 second and third quarters, the Company wrote-off a combined $3.2 million related to certain international rental tools and drilling rigs that management concluded were no longer marketable and the carrying value of the rigs and equipment was no longer recoverable. Disposition of Assets During the normal course of operations, we periodically sell equipment deemed to be excess, obsolete, or not currently required for operations. Net losses recorded on asset disposition for the year ended December 31, 2016 were $1.6 million. Net gains recorded on assets dispositions for the year ended December 31, 2015 were $1.6 million. Activity in both periods included the results of asset sales; however, the net gains for 2015 were primarily the result of a gain from an insurance settlement received during the first quarter of 2015 related to previously realized asset losses. This gain was partially offset by losses incurred during the 2015 fourth quarter related to equipment retirements. |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income (loss) before income taxes is summarized below:
Income tax expense (benefit) is summarized as follows:
Total income tax expense differs from the amount computed by multiplying income before income taxes by the U.S. federal income tax statutory rate. The reasons for this difference are as follows:
The components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 are shown below:
As part of the process of preparing the consolidated financial statements, the Company is required to determine its provision for income taxes. This process involves estimating the annual effective tax rate and the nature and measurements of temporary and permanent differences resulting from differing treatment of items for tax and accounting purposes. These differences and the operating loss and tax credit carryforwards result in deferred tax assets and liabilities. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of appropriate character in each taxing jurisdiction during the periods in which those temporary differences become deductible. Management considers the weight of available evidence, both positive and negative, including the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax planning strategies in making this assessment. To the extent the Company believes that it does not meet the test that recovery is more likely than not, it establishes a valuation allowance. To the extent that the Company establishes a valuation allowance or changes this allowance in a period, it adjusts the tax provision or tax benefit in the consolidated statement of operations. We use our judgment in determining provisions or benefits for income taxes, and any valuation allowance recorded against previously established deferred tax assets. We have measured the value of our deferred tax assets for the year ended December 31, 2016 based on the cumulative weight of positive and negative evidence that exists as of the date of the financial statements. Should the cumulative weight of all available positive and negative evidence change in the forecast period, the expectation of realization of deferred tax assets existing as of December 31, 2016 and prospectively may change. The 2016 results include an increase in our valuation allowance of $117.7 million primarily related to U.S. and certain foreign net operating losses and other deferred tax assets. We established the valuation allowance based on the weight of available evidence, both positive and negative, including results of recent and current operations and our estimates of future taxable income or loss by jurisdiction in which we operate. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed and other business considerations. Changes in these estimates and assumptions, including changes in tax laws and other changes impacting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The 2015 results include income tax benefits of $24.7 million for depreciation and amortization relating to our two arctic-class drilling rigs in Alaska. In addition, we increased our valuation allowance by $40.6 million primarily due to U.S. foreign tax credits and certain foreign net operating losses. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
In many cases, our uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2016:
At December 31, 2016, we had a liability for unrecognized tax benefits of $4.6 million (all of which, if recognized, would favorably impact our effective tax rate), on which no payments were made during 2016. The Company recognized interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2016 and December 31, 2015 we had approximately $1.9 million and $3.4 million of accrued interest and penalties related to uncertain tax positions, respectively. We recognized a decrease of $0.8 million of interest and $0.7 million penalties on unrecognized tax benefits for the year ended December 31, 2016. As of December 31, 2016, the Company has permanently reinvested accumulated undistributed earnings of foreign subsidiaries and, therefore, has not recorded a deferred tax liability related to subject earnings. Upon distribution of additional earnings in the form of dividends or otherwise, we could be subject to U.S. income taxes and foreign withholding taxes. It is not practicable to determine precisely the amount of taxes that may be payable on the eventual remittance of these earnings due to many factors, including application of foreign tax credits, levels of accumulated earnings and profits at the time of remittance, and the sources of earnings remitted. |
Long-Term Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt The following table illustrates the Company’s current debt portfolio as of December 31, 2016 and December 31, 2015:
6.75% Senior Notes, due July 2022 On January 22, 2014, we issued $360.0 million aggregate principal amount of 6.75% Senior Notes, due July 2022 (6.75% Notes) pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 6.75% Notes offering plus a $40.0 million term loan draw under the Amended and Restated Senior Secured Credit Agreement (2012 Secured Credit Agreement) and cash on hand were utilized to purchase $416.2 million aggregate principal amount of our outstanding 9.125% Senior Notes due 2018 pursuant to a tender and consent solicitation offer commenced on January 7, 2014. The 6.75% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 6.75% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the Second Amended and Restated Senior Secured Credit Agreement, as amended from time-to-time (2015 Secured Credit Agreement) and our 7.50% Senior Notes due 2020 (7.50% Notes, and collectively with the 6.75% Notes, the Senior Notes). Interest on the 6.75% Notes is payable on January 15 and July 15 of each year, beginning July 15, 2014. Debt issuance costs related to the 6.75% Notes of approximately $7.6 million ($5.5 million net of amortization as of December 31, 2016) are being amortized over the term of the notes using the effective interest rate method. At any time prior to January 15, 2017, we were able to redeem up to 35 percent of the aggregate principal amount of the 6.75% Notes at a redemption price of 106.75 percent of the principal amount, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings by us. We have not made any redemptions to date. On and after January 15, 2018, we may redeem all or a part of the 6.75% Notes upon appropriate notice, at a redemption price of 103.375 percent of the principal amount, and at redemption prices decreasing each year thereafter to par beginning January 15, 2020. If we experience certain changes in control, we must offer to repurchase the 6.75% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 7.50% Senior Notes, due August 2020 On July 30, 2013, we issued $225.0 million aggregate principal amount of the 7.50% Notes pursuant to an Indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Net proceeds from the 7.50% Notes offering were primarily used to repay the $125.0 million aggregate principal amount of a term loan used to initially finance the ITS Acquisition, to repay $45.0 million of term loan borrowings under the 2012 Secured Credit Agreement, and for general corporate purposes. The 7.50% Notes are general unsecured obligations of the Company and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 7.50% Notes are jointly and severally guaranteed by all of our subsidiaries that guarantee indebtedness under the 2015 Secured Credit Agreement and the 6.75% Notes. Interest on the 7.50% Notes is payable on February 1 and August 1 of each year, beginning February 1, 2014. Debt issuance costs related to the 7.50% Notes of approximately $5.6 million ($3.2 million, net of amortization as of December 31, 2016) are being amortized over the term of the notes using the effective interest rate method. We may redeem all or a part of the 7.50% Notes upon appropriate notice, at redemption prices decreasing each year after August 1, 2016 to par beginning August 1, 2018. We have not made any redemptions to date. If we experience certain changes in control, we must offer to repurchase the 7.50% Notes at 101.0 percent of the aggregate principal amount, plus accrued and unpaid interest and additional interest, if any, to the date of repurchase. The Indenture limits our ability and the ability of certain subsidiaries to: (i) sell assets, (ii) pay dividends or make other distributions on capital stock or redeem or repurchase capital stock or subordinated indebtedness, (iii) make investments, (iv) incur or guarantee additional indebtedness, (v) create or incur liens, (vi) enter into sale and leaseback transactions, (vii) incur dividend or other payment restrictions affecting subsidiaries, (viii) merge or consolidate with other entities, (ix) enter into transactions with affiliates, and (x) engage in certain business activities. Additionally, the Indenture contains certain restrictive covenants designating certain events as Events of Default. These covenants are subject to a number of important exceptions and qualifications. 2015 Secured Credit Agreement On January 26, 2015 we entered into the 2015 Secured Credit Agreement, which amended and restated the 2012 Secured Credit Agreement. The 2015 Secured Credit Agreement was originally comprised of a $200 million revolving credit facility (Revolver) set to mature on January 26, 2020. On June 1, 2015, we executed the first amendment to the 2015 Secured Credit Agreement in order to amend certain provisions regarding the definition of “Change of Control.” On September 29, 2015, we executed the second amendment to the 2015 Secured Credit Agreement to, among other things, (a) amend certain covenant ratios; (b) increase the Applicable Rate for certain higher levels of consolidated leverage to a maximum of 4.00 percent per annum for Eurodollar Rate loans and to 3.00 percent per annum for Base Rate loans; (c) permit multi-year letters of credit up to an aggregate amount of $5.0 million; (d) limit payment prior to September 30, 2017 of certain restricted payments and certain prepayments of unsecured senior notes and other specified forms of indebtedness; and (e) remove the option of the Company, subject to the consent of the lenders, to increase the Credit Agreement up to an additional $75 million. On May 27, 2016, we executed the third amendment to the 2015 Secured Credit Agreement (the Third Amendment), which reduced availability under the Revolver from $200 million to $100 million. Additionally, among other things, the Third Amendment: (a) eliminated the Leverage Ratio covenant until the fourth quarter of 2018 when the covenant is reinstated with the ratio established at 4.25:1.00; (b) eliminated the Consolidated Interest Coverage Ratio covenant until the fourth quarter of 2017 when the covenant is reinstated with the ratio established at 1.00:1.00 and increases by 0.25 each subsequent quarter until reaching 2.00:1.00 in the fourth quarter of 2018, and remains at 2.00:1.00 thereafter; (c) immediately increased the maximum permitted Senior Secured Leverage Ratio from 1.50:1.00 to 2.80:1.00 until it decreases to 2.20:1.00 in the second quarter of 2017, to 1.75:1.00 in the third quarter of 2017, and to 1.50:1.00 in the fourth quarter of 2017 and remains at 1.50:1.00 thereafter; (d) immediately decreased the minimum permitted Asset Coverage Ratio from 1.25:1.00 to 1.10:1.00 until it increases to 1.25: 1.00 in the fourth quarter of 2017 and remains at 1.25:1.00 thereafter; (e) requires that, at any time our Consolidated Cash Balance in U.S. bank accounts is over $50 million, we repay borrowings under the 2015 Secured Credit Agreement until our Consolidated Cash balance is no more than $50 million or all borrowings have been repaid, and (f) allows up to $75 million of Junior Lien Debt. At the time the Third Amendment was executed, the remaining debt issuance costs for the 2015 Secured Credit Agreement totaled approximately $2.2 million. Since the Revolver was reduced by 50 percent, we wrote off approximately $1.1 million of debt issuance costs in May 2016. We incurred debt issuance costs relating to the Third Amendment of approximately $0.3 million, bringing total debt issuance costs of $1.4 million ($1.2 million, net of amortization as of December 31, 2016) which are being amortized through January 2020, or the term of the Third Amendment, on a straight line basis. Our obligations under the 2015 Secured Credit Agreement are guaranteed by substantially all of our direct and indirect domestic subsidiaries, other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, each of which has executed guaranty agreements, and are secured by first priority liens on our accounts receivable, specified rigs including barge rigs in the GOM and land rigs in Alaska, certain U.S.-based rental equipment of the Company and its subsidiary guarantors and the equity interests of certain of the Company’s subsidiaries. The 2015 Secured Credit Agreement contains customary affirmative and negative covenants, such as limitations on indebtedness, liens, restrictions on entry into certain affiliate transactions and payments (including payment of dividends) and maintenance of certain ratios and coverage tests. We were in compliance with all covenants contained in the 2015 Secured Credit Agreement as of December 31, 2016. Our Revolver is available for general corporate purposes and to support letters of credit. Interest on Revolver loans accrues at a Base Rate plus an Applicable Rate or LIBOR plus an Applicable Rate. Revolving loans are available subject to a quarterly asset coverage ratio calculation based on the Orderly Liquidation Value of certain specified rigs including barge rigs in the GOM and land rigs in Alaska, and certain U.S.-based rental equipment of the Company and its subsidiary guarantors and a percentage of eligible domestic accounts receivable. The $30.0 million draw outstanding at the closing of the 2015 Secured Credit Agreement was repaid in full during the first quarter of 2015 with cash on hand. Letters of credit outstanding against the Revolver as of December 31, 2016 totaled $9.8 million. There were no amounts drawn on the Revolver as of December 31, 2016. |
Fair Value of Financial Instruments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain of our assets and liabilities are required to be measured at fair value on a recurring basis. For purposes of recording fair value adjustments for certain financial and non-financial assets and liabilities, and determining fair value disclosures, we estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. The fair value measurement and disclosure requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic No. 820, Fair Value Measurement and Disclosures requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows:
When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the entire measurement even though we may also have utilized significant inputs that are more readily observable. The amounts reported in our consolidated balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value. Fair value of our debt instruments is determined using Level 2 inputs. Fair values and related carrying values of our debt instruments were as follows for the periods indicated:
The assets acquired and liabilities assumed in the 2M-Tek Acquisition were recorded at fair value in accordance with U.S. GAAP. Acquisition date fair values represent either Level 2 fair value measurements (current assets and liabilities, property, plant and equipment) or Level 3 fair value measurements (intangible assets). Market conditions could cause an instrument to be reclassified from Level 1 to Level 2, or Level 2 to Level 3. There were no transfers between levels of the fair value hierarchy or any changes in the valuation techniques used during the year ended December 31, 2016. |
Stock-Based Compensation (Notes) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock Plan Stock-based compensation awards were granted to employees under the Company's 2010 Long-Term Incentive Plan, as Amended and Restated as of May 10, 2016 (the Stock Plan). The Stock Plan was approved by the stockholders at the Annual Meeting of Stockholders on May 10, 2016. The Stock Plan authorizes the compensation committee or the board of directors to issue stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance-based awards, time-based awards, and other types of awards in cash or stock to key employees, consultants, and directors. The maximum number of shares that may be delivered pursuant to the awards granted under the Stock Plan is 16,800,000 shares of common stock. As of December 31, 2016 there were 5,151,073 shares remaining available under the Stock Plan. Stock-Based Awards Stock-based awards generally vest over three years. Stock-based compensation expense is recognized net of an estimated forfeiture rate, which is based on historical experience and adjusted, if necessary, in subsequent periods based on actual forfeitures. We recognize stock-based compensation expense in the same financial statement line item as cash compensation paid to the respective employees. Tax deduction benefits for awards in excess of recognized compensation costs are reported as a financing cash flow. We currently issue three types of stock-based awards: restricted stock units (RSUs), performance-based phantom stock units and time-based phantom stock units:
Prior to 2015 we issued performance stock units (PSUs).
The following table presents RSUs granted, and RSUs and PSUs vested and forfeited during 2016 under the Stock Plan:
In 2016 we issued 3,289,569 units of RSUs and in 2015 and 2014 we issued 2,996,151 units, and 1,541,395 units, respectively, of RSUs and PSUs to selected key personnel. The per-share weighted-average grant-date fair value of units granted during 2016, 2015, and 2014 was $2.07, $3.08, and $6.66, respectively. Stock-based compensation expense is included in our consolidated statements of operations in “General and administration expenses.” Total stock-based compensation expense recognized relating to RSUs and PSUs for the years ended December 31, 2016, 2015, and 2014 was $7.5 million, $8.4 million, and $9.3 million, respectively, all of which was related to nonvested RSUs and PSUs. The total fair value of the units vested during the years ended December 31, 2016, 2015, and 2014 was $10.0 million, $8.0 million, and $7.1 million, respectively. The fair value of RSUs and PSUs is determined based on the closing trading price of the Company’s stock on the grant date. Nonvested RSUs and PSUs at December 31, 2016 totaled 5,333,522 and total unrecognized compensation cost related to unamortized RSUs and PSUs was $5.3 million as of December 31, 2016. The remaining unrecognized compensation cost related to non-vested RSUs and PSUs will be amortized over a weighted-average vesting period of approximately 21 months. The following table presents time-based phantom stock units granted, vested, and forfeited during 2016 under the Stock Plan:
In 2016 we issued 1,188,854 units of time-based phantom stock units to selected key personnel. We did not issue any time-based phantom stock units in 2015 or 2014. Compensation expense recognized related to time-based phantom stock units for the year ended December 31, 2016 was $1.4 million. Performance-Based Awards We currently issue two types of performance-based awards: Performance Cash Units (PCUs) and performance-based phantom stock units. In prior years, we issued PSUs and PCUs. PCUs are performance-based awards that contain payout conditions which are based on our performance against our peers with regard to relative return on capital employed (ROCE) over a three-year performance period. Each PCU has a nominal value of $100.00. A maximum of 200 percent of the number of PCUs granted may be earned if performance at the maximum level is achieved. PCUs vest to the extent earned at the end of a three-year performance period and are settled in cash. Performance-based phantom stock units are performance-based awards denominated in a number of shares which contain payout conditions based on our performance against our peers with regard to relative total shareholder return (TSR) over a three-year performance period. They represent a grant of hypothetical stock to the equivalent number of shares of common stock but, with the employee receiving cash upon vesting. We used a simulation-based option pricing approach to determine the fair value of these awards. A maximum of 250 percent of the number of performance-based phantom stock units granted may be earned if performance at the maximum level is achieved. Performance-based phantom stock units vest to the extent earned at the end of the three-year performance period and are settled in cash. As noted above, in years prior to 2016, we also issued PSUs, performance-based awards that contain payout conditions which are based on our performance against our peers with regard to relative TSR over a three-year performance period. The effects of these conditions are reflected in the grant-date fair value of the award using a simulation-based option pricing approach for valuation. A maximum of 250 percent of the number of PSUs granted may be earned if performance at the maximum level is achieved. PSUs vest to the extent earned at the end of a three-year performance period and are settled in shares of our common stock. We evaluate the terms of each award to determine if the award should be accounted for as equity or a liability under the stock compensation rules of U.S. GAAP. PCUs and performance-based phantom stock units are classified as liability awards and PSUs are classified as equity awards. For performance-based awards with graded vesting conditions, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. For market-based awards that vest at the end of the service period, we recognize compensation expense on a straight-line basis through the end of the service period. The following table presents PCUs granted, vested, and forfeited during 2016 under the Stock Plan:
In 2016, 2015, and 2014 we issued 17,091 units, 17,091 units, and 16,574 units, respectively, of PCUs to selected key personnel. Compensation expense recognized related to PCUs for the years ended December 31, 2016, 2015, and 2014 was $2.3 million, $2.3 million, and $1.9 million, respectively. The following table presents performance-based phantom stock units granted, vested, and forfeited during 2016 under the Stock Plan:
In 2016, 2015, and 2014 we issued 1,164,880 units, 541,127 units, and zero units, respectively, of performance-based phantom stock units to selected key personnel. Compensation expense recognized related to performance-based phantom stock units for the year ended December 31, 2016, 2015, and 2014 was $1.3 million, $0.4 million, and $0, respectively. |
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) | Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS)
For the years ended December 31, 2016 and 2015, all common shares potentially issuable in connection with outstanding RSUs and PSUs have been excluded from the calculation of diluted EPS as the company incurred losses; therefore, inclusion of such potential common shares in the calculation would be anti-dilutive. For the year ended December 31, 2014, the computation of diluted EPS includes the dilutive effect of common shares potentially issuable in connection with outstanding RSUs and PSUs. |
Employee Benefit Plan Employee Benefit Plan (Notes) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Benefit Plan The Company sponsors a defined contribution 401(k) plan (the Plan) in which substantially all U.S. employees are eligible to participate. Through April 30, 2016, the Company matched 100 percent of each participant’s pre-tax contributions in an amount not exceeding 4 percent of the participant's compensation and 50 percent of each participant’s pre-tax contributions in an amount not exceeding 2 percent of the participant's compensation, up to the maximum amount of contributions allowed by law. The Company match was suspended on May 1, 2016. The costs of matching contributions to the Plan were $1.1 million, $4.0 million and $4.7 million in 2016, 2015 and 2014, respectively. Employees become 100 percent vested in the employer match contributions immediately upon participation in the Plan. |
Reportable Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments | Reportable Segments Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools. Within the four reportable segments, we have aggregated our Arctic, Eastern Hemisphere and Latin America business units under International & Alaska Drilling, one business unit under U.S. (Lower 48) Drilling, one business unit under U.S. Rental Tools and one business unit under International Rental Tools, for a total of six business units. The Company has aggregated each of its business units in one of the four reporting segments based on the guidelines of the FASB ASC Topic No. 280, Segment Reporting. We eliminate inter-segment revenues and expenses. We disclose revenues under the four reportable segments based on the similarity of the use and markets for the groups of products and services within each segment. Drilling Services Business In our Drilling Services business, we drill oil and natural gas wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer-owned rigs as our O&M service in which operators own their own drilling rigs but choose Parker Drilling to operate and maintain the rigs for them. The nature and scope of activities involved in drilling an oil and natural gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project-related services, such as engineering, procurement, project management and commissioning of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. U.S. (Lower 48) Drilling Our U.S. (Lower 48) Drilling segment provides drilling services with our GOM barge drilling rig fleet, and markets our U.S. (Lower 48) based O&M services. Our GOM barge drilling fleet operates barge rigs that drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama and Texas. The majority of these wells are drilled in shallow water depths ranging from 6 to 12 feet. Our rigs are suitable for a variety of drilling programs, from inland coastal waters requiring shallow draft barges, to open water drilling on both state and federal water projects requiring more robust capabilities. The barge drilling industry in the GOM is characterized by cyclical activity where utilization and dayrates are typically driven by oil and natural gas prices and our customers’ access to project financing. Contract terms typically consist of well-to-well or multi-well programs, most commonly ranging from 20 to 120 days. International & Alaska Drilling Our International & Alaska Drilling segment provides drilling services, using both Company-owned rigs and O&M contracts, and project-related services. The drilling markets in which this segment operates have one or more of the following characteristics:
Rental Tools Services Business In our Rental Tools Services business, we provide premium rental equipment and services to E&P companies, drilling contractors and service companies on land and offshore in the U.S. and select international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, pressure control equipment, including BOPs, drill collars and more. We also provide well construction services, which include tubular running services and downhole tools, and well intervention services, which include whipstock, fishing and related services, as well as inspection and machine shop support. Rental tools are used during drilling programs and are requested by the customer when they are needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. U.S. Rental Tools Our U.S. rental tools segment is headquartered in New Iberia, Louisiana. We maintain an inventory of rental tools for deepwater, drilling, completion, workover, and production applications at facilities in Louisiana, Texas, Oklahoma, Wyoming, North Dakota and West Virginia. Our largest single market for rental tools is U.S. land drilling, a cyclical market driven primarily by oil and natural gas prices and our customers' access to project financing. A portion of our U.S. rental tools business is supplying tubular goods and other equipment to offshore GOM customers. International Rental Tools Our international rental tools segment is headquartered in Dubai, United Arab Emirates. We maintain an inventory of rental tools and provide well construction, well intervention, and surface and tubular services to our customers in the Middle East, Latin America, United Kingdom, Europe, and Asia-Pacific regions. The following table represents the results of operations by reportable segment:
Excluding reimbursable revenues of $67.0 million, $75.8 million, and $60.4 million, ENL constituted approximately 27.5 percent, 19.7 percent, and 15.3 percent, respectively, of our total consolidated revenues and approximately 45.0 percent, 35.3 percent, and 34.9 percent, respectively of our International & Alaska Drilling segment revenues. For the year ended December 31, 2016, our second largest customer, BP, constituted 12.0 percent, of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues.
The following table represents capital expenditures and depreciation and amortization by reportable segment:
The following table represents identifiable assets by reportable segment:
The following table represents selected geographic information:
|
Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company has various lease agreements for office space, equipment, vehicles and personal property. These obligations extend through 2025 and are typically non-cancelable. Most leases contain renewal options and certain of the leases contain escalation clauses. Future minimum lease payments at December 31, 2016, under operating leases with non-cancelable terms are as follows:
Total rent expense for all operating leases amounted to $21.8 million, $19.2 million and $21.8 million for 2016, 2015, and 2014, respectively. Self Insurance We are self-insured for certain losses relating to workers’ compensation, employers’ liability, general liability (for onshore liability), protection and indemnity (for offshore liability) and property damage. Our exposure (that is, the retention or deductible) per occurrence is $250,000 for worker’s compensation and employer’s liability, and $500,000 for general liability, protection and indemnity and maritime employers’ liability (Jones Act). In addition, we assume a $400,000 annual aggregate deductible for protection and indemnity and maritime employers’ liability claims. The annual aggregate deductible is reduced by every dollar that exceeds the $500,000 per occurrence retention. We also assume a retention for foreign casualty exposures of $100,000 for workers’ compensation, employers’ liability, and $1,000,000 for general liability losses and a $100,000 deductible for auto liability claims. For all primary insurances mentioned above, the Company has excess coverage for those claims that exceed the retention and annual aggregate deductible. We maintain actuarially-determined accruals in our consolidated balance sheets to cover the self-insurance retentions. We have self-insured retentions for certain other losses relating to rig, equipment, property, business interruption and political, war, and terrorism risks which vary according to the type of rig and line of coverage. Political risk insurance is procured for international operations. However, this coverage may not adequately protect us against liability from all potential consequences. As of December 31, 2016 and 2015, our gross self-insurance accruals for workers’ compensation, employers’ liability, general liability, protection and indemnity and maritime employers’ liability totaled $3.9 million and $5.5 million, respectively and the related insurance recoveries/receivables were $1.5 million and $2.0 million, respectively. Other Commitments We have entered into employment agreements with certain members of management with automatic one year renewal periods at expiration dates. The agreements provide for, among other things, compensation, benefits and severance payments. The employment agreements also provide for lump sum compensation and benefits in the event of termination within two years following a change in control of the Company. Contingencies We are a party to various lawsuits and claims arising out of the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount or range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ significantly from our estimates. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. Customs Agent and Foreign Corrupt Practices Act (FCPA) Settlement On April 16, 2013, the Company and the Department of Justice (DOJ) entered into a deferred prosecution agreement (DPA), under which the DOJ deferred for three years prosecuting the Company for criminal violations of the anti-bribery provisions of the FCPA relating to the Company’s retention and use of an individual agent in Nigeria with respect to certain customs-related issues, in return for: (i) the Company’s acceptance of responsibility for, and agreement not to contest or contradict the truthfulness of, the statement of facts and allegations that have been filed in the United States District Court for the Eastern District of Virginia concurrently with the DPA; (ii) the Company’s payment of an approximately $11.76 million fine; (iii) the Company’s reaffirming its commitment to compliance with the FCPA and other applicable anti-corruption laws in connection with the Company’s operations, and continuing cooperation with domestic and foreign authorities in connection with the matters that are the subject of the DPA; (iv) the Company’s commitment to continue to address any identified areas for improvement in the Company’s internal controls, policies and procedures relating to compliance with the FCPA and other applicable anti-corruption laws if, and to the extent, not already addressed; and (v) the Company’s agreement to report to the DOJ in writing annually during the term of the DPA regarding remediation of the matters that are the subject of the DPA, implementation of any enhanced internal controls, and any evidence of improper payments the Company may have discovered during the term of the agreement. The DPA provided that as long as the Company remained in compliance with the terms of the DPA throughout its effective period, the charge against the Company would be dismissed with prejudice. The Company also settled a related civil complaint filed by the Securities and Exchange Commission. The third written annual report was filed with the DOJ on April 15, 2016, and the term of the DPA expired on April 23, 2016. On May 20, 2016, the DOJ filed a Motion to Dismiss the case based on its determination that the Company had complied with all of its obligations under the DPA. On the same date, the Court entered an Order dismissing with prejudice the United States’ case against the Company. With the dismissal of the case, the DPA was also terminated. |
Related Party Transactions |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Consulting Agreement On December 31, 2013, Robert L. Parker, Jr., our former Executive Chairman, retired as an employee of the Company. Mr. Parker continued to serve as Chairman of the Company’s board of directors until the annual meeting of stockholders held in 2014, at which time Mr. Parker was elected to the board for a three-year term. In connection with Mr. Parker’s retirement, the Company and Mr. Parker entered into a Retirement and Separation Agreement dated as of November 1, 2013 (the “Retirement Agreement”). Under the terms of the Retirement Agreement, in 2014 Mr. Parker received a cash bonus of $411,188, a cash payment of $1,096,687 pursuant to the 2010 Long-Term Incentive Program of the Company’s Stock Plan, and a severance payment of $2,488,024. The value of benefits provided by the Company to Mr. Parker in 2014 was $12,876. In 2015, Mr. Parker received a cash payment of $706,082 pursuant to the 2010 Long-Term Incentive Program of the Company’s Stock Plan. The value of benefits provided by the Company to Mr. Parker in 2015 was $14,441. In addition, Mr. Parker was paid $250,000 during each of 2015 and 2016 and will be paid $250,000 during 2017 in exchange for his agreement to provide additional support to the Company when needed in matters where his historical and industry knowledge, client relationships and related expertise could be of particular benefit to the Company’s interests. Other Related Party Agreements During 2015 we purchased the legal rights to certain rental tool software from two employees and a relative of the employees. As part of the purchase, we paid $180,000 to the relative of the employees in 2015 and $90,000 to each employee in both January 2016 and 2017. One of the Company’s directors held executive positions at Apache Corporation (Apache), including the positions of President and Chief Corporate Officer, Executive Vice President and Chief Financial Officer and Chief Corporate Officer, prior to retiring from Apache on March 31, 2014. During 2015 and 2014, affiliates of Apache paid affiliates of the Company a total of $34.0 million and $40.8 million, respectively, for performance of drilling services and provision of rental tools. There were no amounts paid during 2016. In 2015, one of our directors acquired $215,000 aggregate principal amount of our 7.50% Notes and a family limited partnership in which he is the general partner acquired $25,000 aggregate principal amount of our 6.75% Notes. In addition, another one of our directors acquired $550,000 aggregate principal amount of our 7.50% Notes and $650,000 aggregate principal amount of our 6.75% Notes. |
Supplementary Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information | Supplementary Information The significant components of "Accrued liabilities" on our consolidated balance sheets as of December 31, 2016 and 2015 are presented below:
|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements |
12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements | Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements Set forth on the following pages are the consolidating condensed financial statements of Parker Drilling. The Company’s 2015 Secured Credit Agreement and Senior Notes are fully and unconditionally guaranteed by substantially all of our direct and indirect domestic subsidiaries other than immaterial subsidiaries and subsidiaries generating revenues primarily outside the United States, subject to the following customary release provisions:
There are currently no restrictions on the ability of the restricted subsidiaries to transfer funds to Parker Drilling in the form of cash dividends, loans or advances. Parker Drilling is a holding company with no operations, other than through its subsidiaries. Separate financial statements for each guarantor company are not provided as the company complies with the exception to Rule 3-10(a)(1) of Regulation S-X, set forth in sub-paragraph (f) of such rule. All guarantor subsidiaries are owned 100 percent by the parent company. We are providing consolidating condensed financial information of the parent, Parker Drilling, the guarantor subsidiaries, and the non-guarantor subsidiaries as of December 31, 2016 and December 31, 2015 and for the years ended December 31, 2016, 2015, and 2014. The consolidating condensed financial statements present investments in both the consolidated and unconsolidated subsidiaries using the equity method of accounting. Upon the closing of our 2015 Secured Credit Agreement, one of our subsidiaries was released as a guarantor subsidiary and is now classified as a non-guarantor subsidiary. In accordance with the guidance Topic No. 810, Consolidation, we have retrospectively updated the unaudited consolidating condensed financial information as of December 31, 2016 and December 31, 2015 and for the years ended December 31, 2016, 2015, and 2014. |
Selected Quarterly Financial Data |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data | Selected Quarterly Financial Data
|
Recent Accounting Pronouncements |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. The ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, but only at the beginning of the annual period for which no financial statements have been issued or been made available for issuance. We have assessed the impact of the adoption of ASU 2016-16 on our consolidated statements of financial position, results of operations and cash flows, and we do not believe it will have a material impact. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU is intended to reduce diversity in current practice regarding the manner in which certain cash receipts and cash payments are presented and classified in the cash flow statement. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We have assessed the impact of the adoption of ASU 2016-15 on our statement of cash flows, and we do not believe it will have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The objective of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard becomes effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We have assessed the impact of the adoption of ASU 2016-09 on our consolidated statements of financial position, results of operations and cash flows, and we do not believe it will have a material impact. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time we expect to apply the modified retrospective approach; however, we are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2014-09. Depending on the results of the evaluation our ultimate conclusions may vary. In March 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Effective no later than January 1, 2019, we will adopt this accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. This update establishes a new lease accounting model for lessees. Upon adoption, a modified retrospective approach is required for leases that exist, or are entered into, after the beginning of the earliest comparative period presented. Under the updated accounting standard, we have determined that our drilling contracts may contain a lease component; therefore, our adoption of the standard could require that we separately recognize revenues associated with the lease and service components. Given the interaction between this update and the accounting standards update to revenue contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018, and we expect to apply the modified retrospective approach. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. Depending on the results of the evaluation our ultimate conclusions may vary. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The objective of this update is to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide footnote disclosures. The amendments in this update become effective for public companies for the annual period after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We have assessed the impact of the adoption of ASU 2014-15 on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements, and we do not believe it will have a material impact. |
Subsequent Events |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 4, 2017, the Company announced that David R. Farmer, senior vice president - Europe, Middle East and Asia and Philip L. Agnew, senior vice president and chief technical officer, both left the Company effective January 1, 2017. Additionally, Philip A. Schlom, vice president, global compliance and internal audit, resigned effective December 31, 2016. |
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Legal Costs, Policy [Policy Text Block] | Legal and Investigation Matters — We accrue estimates of the probable and estimable costs for the resolution of certain legal and investigation matters. We do not accrue any amounts for other matters for which the liability is not probable and reasonably estimable. Generally, the estimate of probable costs related to these matters is developed in consultation with our legal advisors. The estimates take into consideration factors such as the complexity of the issues, litigation risks and settlement costs. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, our future financial results may be adversely affected. |
||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In October 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. The ASU requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, but only at the beginning of the annual period for which no financial statements have been issued or been made available for issuance. We have assessed the impact of the adoption of ASU 2016-16 on our consolidated statements of financial position, results of operations and cash flows, and we do not believe it will have a material impact. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The ASU is intended to reduce diversity in current practice regarding the manner in which certain cash receipts and cash payments are presented and classified in the cash flow statement. The standard becomes effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We have assessed the impact of the adoption of ASU 2016-15 on our statement of cash flows, and we do not believe it will have a material impact. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The objective of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard becomes effective for public companies for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We have assessed the impact of the adoption of ASU 2016-09 on our consolidated statements of financial position, results of operations and cash flows, and we do not believe it will have a material impact. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605 - Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the ASU recognized at the date of initial application. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time we expect to apply the modified retrospective approach; however, we are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2014-09. Depending on the results of the evaluation our ultimate conclusions may vary. In March 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Effective no later than January 1, 2019, we will adopt this accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, although early adoption is permitted. This update establishes a new lease accounting model for lessees. Upon adoption, a modified retrospective approach is required for leases that exist, or are entered into, after the beginning of the earliest comparative period presented. Under the updated accounting standard, we have determined that our drilling contracts may contain a lease component; therefore, our adoption of the standard could require that we separately recognize revenues associated with the lease and service components. Given the interaction between this update and the accounting standards update to revenue contracts with customers, we expect to adopt the updates concurrently, effective January 1, 2018, and we expect to apply the modified retrospective approach. Our adoption, and the ultimate effect on our consolidated financial statements, will be based on an evaluation of the contract-specific facts and circumstances, and such effect could introduce variability to the timing of our revenue recognition relative to current accounting standards. We are evaluating the requirements to determine the effect such requirements may have on our consolidated statements of financial position, results of operations, cash flows and on the disclosures contained in our notes to the consolidated financial statements upon the adoption of ASU 2016-02. Depending on the results of the evaluation our ultimate conclusions may vary. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). The objective of this update is to provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide footnote disclosures. The amendments in this update become effective for public companies for the annual period after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We have assessed the impact of the adoption of ASU 2014-15 on our consolidated statements of financial position, results of operations, cash flows, and on the disclosures contained in our notes to the consolidated financial statements, and we do not believe it will have a material impact. |
||||||||||||||||||
Nature of Operations | Nature of Operations — Our business is comprised of two business lines: (1) Drilling Services and (2) Rental Tools Services. We report our Drilling Services business as two reportable segments: (1) U.S. (Lower 48) Drilling and (2) International & Alaska Drilling. We report our Rental Tools Services business as two reportable segments: (1) U.S. Rental Tools and (2) International Rental Tools. In our Drilling Services business, we drill oil and natural gas wells for customers in both the U.S. and international markets. We provide this service with both Company-owned rigs and customer-owned rigs. We refer to the provision of drilling services with customer-owned rigs as our operations and maintenance (O&M) service in which operators own their own drilling rigs but choose Parker Drilling to operate and maintain the rigs for them. The nature and scope of activities involved in drilling an oil and natural gas well is similar whether it is drilled with a Company-owned rig (as part of a traditional drilling contract) or a customer-owned rig (as part of an O&M contract). In addition, we provide project-related services, such as engineering, procurement, project management and commissioning of customer-owned drilling facility projects. We have extensive experience and expertise in drilling geologically difficult wells and in managing the logistical and technological challenges of operating in remote, harsh and ecologically sensitive areas. Our U.S. (Lower 48) Drilling segment provides drilling services with our Gulf of Mexico (GOM) barge drilling rig fleet, and markets our U.S. (Lower 48) based O&M services. Our GOM barge drilling fleet operates barge rigs that drill for oil and natural gas in shallow waters in and along the inland waterways and coasts of Louisiana, Alabama and Texas. The majority of these wells are drilled in shallow water depths ranging from 6 to 12 feet. Our rigs are suitable for a variety of drilling programs, from inland coastal waters requiring shallow draft barges, to open water drilling on both state and federal water projects requiring more robust capabilities. The barge drilling industry in the GOM is characterized by cyclical activity where utilization and dayrates are typically driven by oil and natural gas prices and our customers’ access to project financing. Contract terms typically consist of well-to-well or multi-well programs, most commonly ranging from 20 to 120 days. In our Rental Tools Services business, we provide premium rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the U.S. and select international markets. Tools we provide include standard and heavy-weight drill pipe, all of which are available with standard or high-torque connections, tubing, pressure control equipment, including blow-out preventers (BOPs), drill collars and more. We also provide well construction services, which include tubular running services and downhole tools, and well intervention services, which include whipstock, fishing and related services, as well as inspection and machine shop support. Rental tools are used during drilling programs and are requested by the customer when they are needed, requiring us to keep a broad inventory of rental tools in stock. Rental tools are usually rented on a daily or monthly basis. We have operated in over 50 countries since beginning operations in 1934, making us among the most geographically experienced drilling contractors and rental tools providers in the world. We currently have operations in 20 countries. Parker has set numerous world records for deep and extended-reach drilling land rigs and is an industry leader in quality, health, safety and environmental practices. |
||||||||||||||||||
Consolidation | Consolidation — The consolidated financial statements include the accounts of the Company and subsidiaries in which we exercise control or have a controlling financial interest, including entities, if any, in which the Company is allocated a majority of the entity’s losses or returns, regardless of ownership percentage. If a subsidiary of Parker Drilling has a 50 percent interest in an entity but Parker Drilling’s interest in the subsidiary or the entity does not meet the consolidation criteria described above, then that interest is accounted for under the equity method. |
||||||||||||||||||
Noncontrolling Interest | Noncontrolling Interest — We apply accounting standards related to noncontrolling interests for ownership interests in our subsidiaries held by parties other than Parker Drilling. We report noncontrolling interest as equity on the consolidated balance sheets and report net income (loss) attributable to controlling interest and to noncontrolling interest separately on the consolidated statements of operations. During the fourth quarter of 2015 we incurred a $4.8 million loss on the sale of our controlling interest in a consolidated joint venture in Egypt, which also resulted in the disposal of the related noncontrolling interest of $2.2 million. Also, during the second quarter of 2015 we incurred a $0.9 million loss on the divestiture of our controlling interest in a consolidated joint venture in Russia, which also resulted in the disposal of the related noncontrolling interest of $0.8 million. During the fourth quarter of 2015, we purchased the remaining noncontrolling interest of ITS Arabia Limited for $6.75 million, of which $3.4 million was paid in the fourth quarter of 2015 and the final payment was made during the second quarter of 2016. At the time of purchase, the carrying value of the noncontrolling interest was $3.0 million. |
||||||||||||||||||
Reclassifications | Reclassifications — Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not materially affect our consolidated financial results. |
||||||||||||||||||
Revenue Recognition | Revenue Recognition — Drilling revenues and expenses, comprised of daywork drilling contracts, call-outs against master service agreements and engineering and related project service contracts, are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Mobilization payments received, and direct costs incurred for the mobilization, are deferred and recognized over the primary term of the related drilling contract; however, costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. For contracts that are terminated prior to the specified term, early termination payments received by us are recognized as revenues when all contractual requirements are met. Revenues from rental activities are recognized ratably over the rental term, which is generally less than six months. Our project-related services contracts include engineering, consulting, and project management scopes of work and revenue is typically recognized on a time and materials basis. |
||||||||||||||||||
Reimbursable Costs | Reimbursable Revenues — The Company recognizes reimbursements received for out-of-pocket expenses incurred as revenues and accounts for out-of-pocket expenses as direct operating costs. Such amounts totaled $69.3 million, $87.8 million, and $82.6 million during the years ended December 31, 2016, 2015, and 2014, respectively. Additionally, the Company typically receives a nominal handling fee, which is recognized as earned in revenues in our consolidated statement of operations. |
||||||||||||||||||
Use of Estimates | Use of Estimates — The preparation of financial statements in accordance with accounting policies generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the financial statements, and our revenues and expenses during the periods reported. Estimates are typically used when accounting for certain significant items such as legal or contractual liability accruals, mobilization and deferred mobilization, self-insured medical/dental plans, income taxes and valuation allowance, and other items requiring the use of estimates. Estimates are based on a number of variables which may include third party valuations, historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ from management estimates. |
||||||||||||||||||
Acquisition Purchase Price Allocation | Purchase Price Allocation — We allocate the purchase price of an acquired business to its identifiable assets and liabilities in accordance with the acquisition method based on estimated fair values at the transaction date. Transaction and integration costs associated with an acquisition are expensed as incurred. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. We use all available information to estimate fair values, including quoted market prices, the carrying value of acquired assets, and widely accepted valuation techniques such as discounted cash flows. We typically engage third-party appraisal firms to assist in fair value determination of inventories, identifiable intangible assets, and any other significant assets or liabilities. Judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations. See Note 2 - Acquisitions for further discussion. |
||||||||||||||||||
Intangible Assets | Goodwill — We perform our annual goodwill impairment review during the fourth quarter, as of October 1, and more frequently if negative conditions or other triggering events arise. The quantitative impairment test we perform for goodwill utilizes certain assumptions, including forecasted revenues and costs assumptions. See Note 3 - Goodwill and Intangible Assets for further discussion. |
||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents — For purposes of the consolidated balance sheets and the consolidated statements of cash flows, the Company considers cash equivalents to be highly liquid debt instruments that have a remaining maturity of three months or less at the date of purchase. |
||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Bad Debt — Trade accounts receivable are recorded at the invoice amount and typically do not bear interest. The allowance for bad debt is estimated for losses that may occur resulting from disputed amounts and the inability of our customers to pay amounts owed. We estimate the allowance based on historical write-off experience and information about specific customers. We review individually, for collectability, all balances over 90 days past due as well as balances due from any customer with respect to which we have information leading us to believe that a risk exists for potential collection. Account balances are charged off against the allowance when we believe it is probable the receivable will not be recovered. We do not have any off-balance-sheet credit exposure related to customers. |
||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is carried at cost. Maintenance and most repair costs are expensed as incurred. The cost of upgrades and replacements is capitalized. The Company capitalizes software developed or obtained for internal use. Accordingly, the cost of third-party software, as well as the cost of third-party and internal personnel that are directly involved in application development activities, are capitalized during the application development phase of new software systems projects. Costs during the preliminary project stage and post-implementation stage of new software systems projects, including data conversion and training costs, are expensed as incurred. We account for depreciation of property, plant and equipment on the straight line method over the estimated useful lives of the assets after provision for salvage value. Depreciation, for tax purposes, utilizes several methods of accelerated depreciation. Depreciable lives for different categories of property, plant and equipment are as follows:
Leasehold improvements are depreciated over the shorter of their estimated useful lives or the term of the lease. |
||||||||||||||||||
Annual Impairment Review | Impairment — We evaluate the carrying amounts of long-lived assets for potential impairment when events occur or circumstances change that indicate the carrying values of such assets may not be recoverable. We evaluate recoverability by determining the undiscounted estimated future net cash flows for the respective asset groups identified. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset group, we measure the impairment as the amount by which the assets’ carrying value exceeds the fair value of such assets. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. Assets are written down to fair value if the final estimate of current fair value is below the net carrying value. The assumptions used in the impairment evaluation are inherently uncertain and require management judgment. |
||||||||||||||||||
Capitalized Interest | Capitalized Interest — Interest from external borrowings is capitalized on major projects until the assets are ready for their intended use. Capitalized interest is added to the cost of the underlying asset and is amortized over the useful lives of the assets in the same manner as the underlying assets. Capitalized interest costs reduce net interest expense in the consolidated statements of operations. During 2016, 2015 and 2014, capitalized interest costs were $0.2 million, $0.2 million and $1.2 million, respectively. |
||||||||||||||||||
Assets Held for Sale | Assets Held for Sale — We classify an asset as held for sale when the facts and circumstances meet the criteria for such classification, including the following: (a) we have committed to a plan to sell the asset, (b) the asset is available for immediate sale, (c) we have initiated actions to complete the sale, including locating a buyer, (d) the sale is expected to be completed within one year, (e) the asset is being actively marketed at a price that is reasonable relative to its fair value, and (f) the plan to sell is unlikely to be subject to significant changes or termination. |
||||||||||||||||||
Rig Materials and Supplies | Rig Materials and Supplies — Because our international drilling generally occurs in remote locations, making timely outside delivery of spare parts uncertain, a complement of parts and supplies is maintained either at the drilling site or in warehouses close to the operation. During periods of high rig utilization, these parts are generally consumed and replenished within a one-year period. During a period of lower rig utilization in a particular location, the parts, like the related idle rigs, are generally not transferred to other international locations until new contracts are obtained because of the significant transportation costs that would result from such transfers. We classify those parts which are not expected to be utilized in the following year as long-term assets. Additionally, our international rental tools business holds machine shop consumables and steel stock for manufacture in our machine shops and inspection and repair shops, which are classified as current assets. Rig materials and supplies are valued at the lower of cost or market value. |
||||||||||||||||||
Deferred Costs | Deferred Costs — We defer costs related to rig mobilization and amortize such costs over the primary term of the related contract. The costs to be amortized within twelve months are classified as current. |
||||||||||||||||||
Debt Issuance Costs | Debt Issuance Costs — We typically defer costs associated with issuance of indebtedness, and amortize those costs over the term of the related debt using the effective interest method. |
||||||||||||||||||
Income Taxes | Income Taxes — Income taxes are accounted for under the asset and liability method and have been provided for based upon tax laws and rates in effect in the countries in which operations are conducted and income or losses are generated. There is little or no expected relationship between the provision for or benefit from income taxes and income or loss before income taxes as the countries in which we operate have taxation regimes that vary not only with respect to nominal rate, but also in terms of the availability of deductions, credits, and other benefits. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled and the effect of changes in tax rates is recognized in income in the period in which the change is enacted. Valuation allowances are established to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In order to determine the amount of deferred tax assets or liabilities, as well as the valuation allowances, we must make estimates and assumptions regarding future taxable income, where rigs will be deployed and other matters. Changes in these estimates and assumptions, including changes in tax laws and other changes impacting our ability to recognize the underlying deferred tax assets, could require us to adjust the valuation allowances. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized and changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
||||||||||||||||||
Earnings (Loss) Per Share (EPS) | Earnings (Loss) Per Share (EPS) — Basic earnings (loss) per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The effects of dilutive securities, stock options, unvested restricted stock and convertible debt are included in the diluted EPS calculation, when applicable. |
||||||||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of trade receivables with a variety of national and international oil and natural gas companies. We generally do not require collateral on our trade receivables. We depend on a limited number of significant customers. In 2016, our largest customer, Exxon Neftegas Limited (ENL), constituted approximately 38.7 percent of our consolidated revenues. Excluding reimbursable revenues of $67.0 million, ENL constituted approximately 27.5 percent of our total consolidated revenues. In 2016, our second largest customer, BP Exploration Alaska, Inc. (BP), constituted approximately 12.0 percent of our consolidated revenues. At December 31, 2016 and 2015, we had deposits in domestic banks in excess of federally insured limits of approximately $81.4 million and $91.3 million, respectively. In addition, we had uninsured deposits in foreign banks at December 31, 2016 and 2015 of $39.7 million and $44.1 million, respectively. |
||||||||||||||||||
Fair Value Measurements | Fair Value Measurements — For purposes of recording fair value adjustments for certain financial and non-financial assets and liabilities, and determining fair value disclosures, we estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. Our valuation technique requires inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) unadjusted quoted prices for identical assets or liabilities in active markets (Level 1), (2) direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (Level 2) and (3) unobservable inputs that require significant judgment for which there is little or no market data (Level 3). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable. |
||||||||||||||||||
Foreign Currency | Foreign Currency — In our international rental tool business, for certain subsidiaries and branches outside the U.S., the local currency is the functional currency. The financial statements of these subsidiaries and branches are translated into U.S. dollars as follows: (i) assets and liabilities at month-end exchange rates; (ii) income, expenses and cash flows at monthly average exchange rates or exchange rates in effect on the date of the transaction; and (iii) stockholders’ equity at historical exchange rates. For those subsidiaries where the local currency is the functional currency, the resulting translation adjustment is recorded as a component of accumulated other elements of comprehensive income (loss) in the accompanying consolidated balance sheets. |
||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation — Under our long term incentive plan, we are authorized to issue the following: stock options; stock appreciation rights; restricted stock awards; restricted stock units; performance-based awards; and other types of awards in cash or stock to key employees, consultants, and directors. We typically grant restricted stock units (RSUs), performance stock units (PSUs), performance cash units (PCUs), performance-based phantom stock units and time-based phantom stock units. Stock-based compensation expense is recognized, net of an estimated forfeiture rate, which is based on historical experience and adjusted, if necessary, in subsequent periods based on actual forfeitures. We recognize stock-based compensation expense in the same financial statement line item as cash compensation paid to the respective employees. Tax deduction benefits for awards in excess of recognized compensation costs are reported as a financing cash flow. |
||||||||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets — Our intangible assets are related to trade names, customer relationships, and developed technology, which were acquired through acquisition and are classified as definite lived intangibles, that are generally amortized over a weighted average period of approximately three to six years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss. See Note 3 - Goodwill and Intangible Assets for further discussion. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Total Accounts and Notes Receivable | The components of our accounts and notes receivable, net of allowance for bad debt balance are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Depreciable Lives for Different Categories of Property Plant and Equipment | Depreciable lives for different categories of property, plant and equipment are as follows:
|
Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Schedule of accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following:
|
Property, Plant and Equipment Property Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The components of our property, plant and equipment balance are as follows:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income (Loss) Before Income Taxes | Income (loss) before income taxes is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) is summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate |
Total income tax expense differs from the amount computed by multiplying income before income taxes by the U.S. federal income tax statutory rate. The reasons for this difference are as follows: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 are shown below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open Tax Years by Major Tax Jurisdiction | The following describes the open tax years, by major tax jurisdiction, as of December 31, 2016:
|
Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company's Current Debt Portfolio | The following table illustrates the Company’s current debt portfolio as of December 31, 2016 and December 31, 2015:
|
Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values and Related Carrying Values of Debt Instruments |
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, time-based phantom stock units [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, performance-based phantom stock units activity [Table Text Block] | The following table presents performance-based phantom stock units granted, vested, and forfeited during 2016 under the Stock Plan:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, time-based phantom stock units activity [Table Text Block] | The following table presents time-based phantom stock units granted, vested, and forfeited during 2016 under the Stock Plan:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Incentive Plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table presents PCUs granted, vested, and forfeited during 2016 under the Stock Plan:
|
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) |
|
Reportable Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results of Operations by Reportable Segment |
Excluding reimbursable revenues of $67.0 million, $75.8 million, and $60.4 million, ENL constituted approximately 27.5 percent, 19.7 percent, and 15.3 percent, respectively, of our total consolidated revenues and approximately 45.0 percent, 35.3 percent, and 34.9 percent, respectively of our International & Alaska Drilling segment revenues. For the year ended December 31, 2016, our second largest customer, BP, constituted 12.0 percent, of our total consolidated revenues and approximately 17.6 percent of our International & Alaska Drilling segment revenues.
The following table represents capital expenditures and depreciation and amortization by reportable segment:
The following table represents identifiable assets by reportable segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations by Geographical Area |
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments Under Operating Leases with Non Cancelable Terms | Future minimum lease payments at December 31, 2016, under operating leases with non-cancelable terms are as follows:
|
Supplementary Information Supplementary Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | The significant components of "Accrued liabilities" on our consolidated balance sheets as of December 31, 2016 and 2015 are presented below:
|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statement of Comprehensive Income [Table Text Block] | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited)
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited)
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in Thousands) (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Statement of Operations | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
(1)General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
(1)General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Condensed Balance Sheet | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited)
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED BALANCE SHEET (Dollars in Thousands) (Unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Condensed Statements of Cash Flows | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
|
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
|
Selected Quarterly Financial Data (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Selected Quarterly Financial Data |
|
Summary of Significant Accounting Policies - Summary of Total Accounts and Notes Receivable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Trade | $ 121,490 | $ 183,299 |
Notes receivable | 0 | 500 |
Allowance for doubtful accounts | (8,259) | (8,694) |
Total accounts and notes receivable, net of allowance for bad debt | $ 113,231 | $ 175,105 |
Acquisitions Acquisition of 2M-Tek (Details) - April 17, 2015 Acquisition [Member] - USD ($) $ in Thousands |
Apr. 18, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Apr. 17, 2015 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 10,448 | |||
Business Combination, Contingent Consideration, Liability | $ 8,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 17,200 | |||
Fair Value of Contingent Consideration | $ 4,000 | $ 2,000 | $ 6,755 |
Goodwill and Intangible Assets Goodwill and Intangible Assets(Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 6,708 | $ 6,708 |
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | (600) | |
April 17, 2015 Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Asset, Residual Value | $ 13,500 |
Goodwill and Intangible Assets Change in Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Goodwill [Line Items] | ||
Goodwill | $ 6,708 | $ 6,708 |
Goodwill, Acquired During Period | $ 0 |
Accumulated Other Comprehensive Income (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Accumulated Other Comprehensive Income Reclassifications [Roll Forward] | |
Beginning balance | $ (1,888) |
Current period other comprehensive income | (4,956) |
Ending balance | (6,844) |
Reclassification from Accumulated Other Comprehensive Income | $ 1,900 |
Property Plant and Equipment (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Abstract] | |||
Machinery and Equipment, Gross | $ 1,306,641,000 | $ 1,396,748,000 | |
Rental Tools | 516,144,000 | 521,662,000 | |
Buildings and Improvements, Gross | 54,799,000 | 53,576,000 | |
Property, Plant and Equipment, Other, Gross | 111,142,000 | 114,465,000 | |
Construction in Progress, Gross | 25,357,000 | 21,770,000 | |
Property, Plant and Equipment, Gross | 2,014,083,000 | 2,108,221,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,320,644,000 | 1,302,380,000 | |
Property, Plant and Equipment, Net | 693,439,000 | 805,841,000 | |
Depreciation | $ 136,300,000 | $ 151,900,000 | $ 142,500,000 |
Property, Plant and Equipment Asset Impairment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | ||||||
Goodwill | $ 6,708 | $ 6,708 | $ 6,708 | |||
Other Asset Impairment Charges | $ 4,300 | $ 4,800 | $ 3,200 | $ 0 | $ 12,490 | $ 0 |
Property, Plant and Equipment Disposition of Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | |||
Proceeds from the sale of assets | $ 2,441 | $ 830 | $ 5,938 |
Income Taxes - Summary of Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ (131,106) | $ (77,368) | $ 37,547 |
Foreign | (25,538) | 5,397 | 10,990 |
Income (loss) before income taxes | $ (156,644) | $ (71,971) | $ 48,537 |
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 2,740 | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | 117,707 | $ 40,600 | |
Federal | (1,921) | 2,485 | $ (3,079) |
State | (9) | 365 | 5,335 |
Foreign | 7,038 | 16,754 | 20,311 |
Federal | 64,066 | (141) | 4,703 |
State | (47) | (4,769) | (379) |
Foreign | 5,043 | 7,619 | (2,815) |
Total income tax expense (benefit) | $ 74,170 | $ 22,313 | $ 24,076 |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Non-current deferred tax assets: | ||
Federal net operating loss carryforwards | $ 120,986 | $ 63,607 |
State net operating loss carryforwards | 7,168 | 5,839 |
Other state deferred tax asset, net | 2,646 | 3,170 |
Foreign Tax Credits | 46,859 | 45,751 |
FIN 48 | 883 | 1,789 |
Foreign tax | 29,791 | 27,861 |
Asset Impairment | 27,165 | 33,723 |
Accruals not currently deductible for tax purposes | 1,657 | 4,315 |
Deferred compensation | 3,424 | 3,487 |
Other | 863 | 845 |
Deferred Tax Assets, Gross, Noncurrent | 241,442 | 190,387 |
Valuation Allowance | (171,133) | (51,105) |
Net deferred tax assets, net of valuation allowance | 70,309 | 139,282 |
Non-current deferred tax liabilities: | ||
Property, Plant and equipment | (64,256) | (59,879) |
Foreign tax local | 490 | (3,169) |
Other state deferred tax liability, net | (5,567) | (5,606) |
Gross non-current deferred tax liabilities | (69,333) | (68,654) |
Net deferred tax asset | $ 976 | $ 70,628 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Line Items] | |||
Depreciation and amortization | $ 139,795 | $ 156,194 | $ 145,121 |
Total income tax expense (benefit) | 74,170 | 22,313 | $ 24,076 |
Valuation Allowances and Reserves, Period Increase (Decrease) | 117,707 | 40,600 | |
Liability for unrecognized tax benefits | 4,628 | 7,837 | |
Accrued interest and penalties related to uncertain tax positions | 1,900 | 3,400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 800 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 700 | ||
Alaska Drilling Rigs [Member] | |||
Income Tax Disclosure [Line Items] | |||
Depreciation and amortization | $ 24,700 |
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ (7,837) |
Additions based on tax positions taken during a prior period | (992) |
Reductions based on tax positions taken during a prior period | 1,461 |
Ending balance | $ (4,628) |
Income Taxes - Open Tax Years by Major Tax Jurisdiction (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Open Tax Years By Major Jurisdiction [Line Items] | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0.8 |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 0.7 |
KAZAKHSTAN | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2007-present |
MEXICO | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2011-present |
Russia [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2013-present |
United States - Federal [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2009-present |
United Kingdom [Member] | |
Open Tax Years By Major Jurisdiction [Line Items] | |
Open Tax Years by Major Tax Jurisdiction | 2013-present |
Long-Term Debt - Additional Information (Detail) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 22, 2014 |
Jul. 30, 2013 |
Apr. 18, 2013 |
|
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ 0 | $ 30,000,000 | $ 435,000,000 | |||||
Debt issuance costs | $ 2,200,000 | $ 1,400,000 | ||||||
Payments of debt issuance costs | $ 0 | $ 1,996,000 | $ 7,630,000 | |||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving loan outstanding | $ 40,000,000 | |||||||
7.50 % Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 225,000,000 | |||||||
Debt instrument fixed interest rate | 7.50% | |||||||
Secured Debt [Member] | Goldman Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 125,000,000 |
Long-Term Debt - Goldman Term Loan (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jul. 30, 2013 |
Apr. 18, 2013 |
|
Debt Instrument [Line Items] | |||||
Payments of debt extinguishment costs | $ 0 | $ 0 | $ 26,214,000 | ||
Goldman Term Loan [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 125,000,000 | ||||
7.50 % Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 225,000,000 |
Long-Term Debt - Amended and Restated Credit Agreement (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jul. 30, 2013 |
Sep. 30, 2016 |
Sep. 30, 2016 |
Dec. 31, 2016 |
May 27, 2016 |
Dec. 31, 2015 |
Jan. 26, 2015 |
Jan. 22, 2014 |
|
Debt Instrument [Line Items] | ||||||||
Long-term Debt | $ 585,000,000 | $ 585,000,000 | ||||||
Debt issuance costs | $ 2,200,000 | $ 1,400,000 | ||||||
Debtor-in-Possession Financing, Letters of Credit Outstanding | 9,800,000 | |||||||
6.75 % Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument fixed interest rate | 6.75% | |||||||
Debt issuance costs | $ 7,600,000 | |||||||
Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit, Current | $ 30,000,000 | |||||||
Unsecured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in the amount of term loan or revolving credit facility | $ 45,000,000 | |||||||
2015 Secured Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior secured credit facility | $ 100,000,000 | $ 200,000,000 | ||||||
Debt issuance costs | 300,000 | |||||||
Deferred acquisition costs | $ 1,200,000 |
Long-Term Debt - Revolver (Details) $ in Millions |
Jan. 22, 2014
USD ($)
|
---|---|
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Revolving loan outstanding | $ 40.0 |
Long-Term Debt - Term Loan (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 22, 2014 |
|
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 585,000 | $ 585,000 | ||
Repayments of long-term debt | $ 0 | 30,000 | $ 435,000 | |
9.125% Senior Notes, due April 2018 (Issued April 25, 2012) [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 225,000 | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving loan outstanding | $ 40,000 |
Fair Value of Financial Instruments - Fair Values and Related Carrying Values of Debt Instruments (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Carrying Amount [Member] | ||
Long-term Debt | ||
Long-term Debt | $ 585,000 | $ 585,000 |
Carrying Amount [Member] | 6.75 % Senior Notes [Member] | ||
Long-term Debt | ||
Long-term Debt | 360,000 | 360,000 |
Carrying Amount [Member] | 7.50% Senior Notes, due August 2020 (Issued July 30, 2013) [Member] | ||
Long-term Debt | ||
Long-term Debt | 225,000 | 225,000 |
Fair Value [Member] | ||
Long-term Debt | ||
Long-term Debt | 512,775 | 417,600 |
Fair Value [Member] | 6.75 % Senior Notes [Member] | ||
Long-term Debt | ||
Long-term Debt | 311,400 | 246,600 |
Fair Value [Member] | 7.50% Senior Notes, due August 2020 (Issued July 30, 2013) [Member] | ||
Long-term Debt | ||
Long-term Debt | $ 201,375 | $ 171,000 |
Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) - Summary of Reconciliation of Income and Number of Shares Used to Calculate Basic and Diluted Earnings per Share (EPS) (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | |||||||||||
EPS, income | $ (48,929,000) | $ (46,228,000) | $ (39,822,000) | $ (95,835,000) | $ (35,646,000) | $ (48,620,000) | $ (14,029,000) | $ 3,222,000 | $ (230,814,000) | $ (95,073,000) | $ 23,451,000 |
Basic EPS, shares | 124,130,004 | 122,562,187 | 121,186,464 | ||||||||
Basic earnings (loss) per share: | $ (0.39) | $ (0.37) | $ (0.32) | $ (0.78) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ (1.86) | $ (0.78) | $ 0.19 |
Stock options and restricted stock, shares | 0 | 0 | 1,890,184 | ||||||||
Stock options and restricted stock, per share amount | 0.00 | 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | ||||||
Diluted EPS, shares | 124,130,004 | 122,562,187 | 123,076,648 | ||||||||
Diluted earnings (loss) per share: | $ (0.39) | $ (0.37) | $ (0.32) | $ (0.78) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ (1.86) | $ (0.78) | $ 0.19 |
Employee Benefit Plan Employee Benefit Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 1.1 | $ 4.0 | $ 4.7 |
Reportable Segments - Results of Operations by Reportable Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | ||||||||||||
Percentage of revenue from major customer | 38.70% | |||||||||||
Revenues: | ||||||||||||
Revenues | $ 94,025 | $ 97,189 | $ 105,287 | $ 130,503 | $ 148,748 | $ 173,418 | $ 185,941 | $ 204,076 | $ 427,004 | $ 712,183 | $ 968,684 | |
Operating income: | ||||||||||||
Total operating gross margin | (19,694) | (21,965) | (20,225) | (13,428) | (3,460) | 4,871 | 4,021 | 24,267 | (75,312) | 29,699 | 154,182 | |
General and administrative expense | (34,332) | (36,190) | (35,016) | |||||||||
Provision for reduction in carrying value of certain assets | (4,300) | (4,800) | $ (3,200) | 0 | (12,490) | 0 | ||||||
Gain (loss) on disposition of assets, net | (1,613) | 1,643 | 1,054 | |||||||||
Total operating income (loss) | (30,190) | $ (29,576) | $ (28,222) | $ (23,269) | (20,718) | $ (4,547) | $ (7,944) | $ 15,871 | (111,257) | (17,338) | 120,220 | |
Interest expense | (45,812) | (45,155) | (44,265) | |||||||||
Interest income | 58 | 269 | 195 | |||||||||
Loss on extinguishment of debt | 0 | 0 | (30,152) | |||||||||
Other | 367 | (9,747) | 2,539 | |||||||||
Income (loss) before income taxes | (156,644) | (71,971) | 48,537 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 965,468 | 1,161,186 | 965,468 | 1,161,186 | ||||||||
Total assets | 1,103,551 | 1,366,702 | 1,103,551 | 1,366,702 | ||||||||
U.S. (Lower 48) Drilling [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 5,429 | 30,358 | 158,405 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | (34,353) | (28,309) | 46,831 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 77,628 | 102,121 | 77,628 | 102,121 | ||||||||
International & Alaska Drilling [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 287,332 | 435,096 | 462,513 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | 9,272 | 45,211 | 34,405 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | 591,120 | 629,784 | 591,120 | 629,784 | ||||||||
Drilling Services [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 292,761 | 465,454 | 620,918 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | (25,081) | 16,902 | 81,236 | |||||||||
Rental Tools [Member] | ||||||||||||
Revenues: | ||||||||||||
Revenues | 71,613 | 141,889 | 223,545 | |||||||||
Operating income: | ||||||||||||
Total operating gross margin | (22,372) | 17,380 | $ 71,790 | |||||||||
Identifiable assets: | ||||||||||||
Total identifiable assets | $ 126,289 | $ 233,085 | $ 126,289 | $ 233,085 | ||||||||
Exxon Neftegas Limited (ENL) [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration Risk, Other Risk | 0.275 | |||||||||||
Percentage of revenue from major customer | 38.70% |
Reportable Segments - Non-printing section (Detail) - Exxon Neftegas Limited (ENL) [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||
Percent of total revenues | 27.90% | 18.70% | |
International Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Percent of segment revenues | 57.50% | 45.60% | 39.20% |
Reportable Segments - Results of Operations by Geographic Area (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Revenues: | ||||||||||||
Total revenues | $ 94,025 | $ 97,189 | $ 105,287 | $ 130,503 | $ 148,748 | $ 173,418 | $ 185,941 | $ 204,076 | $ 427,004 | $ 712,183 | $ 968,684 | |
Operating gross margin: | ||||||||||||
Total operating gross margin | (19,694) | (21,965) | (20,225) | (13,428) | (3,460) | 4,871 | 4,021 | 24,267 | (75,312) | 29,699 | 154,182 | |
General and administrative expense | (34,332) | (36,190) | (35,016) | |||||||||
Provision for reduction in carrying value of certain assets | (4,300) | (4,800) | $ (3,200) | 0 | (12,490) | 0 | ||||||
Gain (loss) on disposition of assets, net | (1,613) | 1,643 | 1,054 | |||||||||
Total operating income (loss) | (30,190) | $ (29,576) | $ (28,222) | $ (23,269) | (20,718) | $ (4,547) | $ (7,944) | $ 15,871 | (111,257) | (17,338) | 120,220 | |
Interest expense | (45,812) | (45,155) | (44,265) | |||||||||
Interest income | 58 | 269 | 195 | |||||||||
Loss on extinguishment of debt | 0 | 0 | (30,152) | |||||||||
Other | 367 | (9,747) | 2,539 | |||||||||
Income (loss) before income taxes | (156,644) | (71,971) | 48,537 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 693,439 | 805,841 | 693,439 | 805,841 | ||||||||
Deferred income taxes | 70,309 | 139,282 | 70,309 | 139,282 | ||||||||
Russia [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 142,538 | 165,193 | 154,817 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 21,395 | 22,607 | 21,395 | 22,607 | ||||||||
CIS [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 33,659 | 61,145 | 59,881 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 35,914 | 44,675 | 35,914 | 44,675 | ||||||||
EMEA & Asia [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 79,870 | 148,015 | 183,460 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 116,857 | 130,434 | 116,857 | 130,434 | ||||||||
Latin America [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 12,952 | 69,989 | 86,651 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 48,528 | 63,919 | 48,528 | 63,919 | ||||||||
United States [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 127,596 | 231,779 | 440,642 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | 470,745 | 544,206 | 470,745 | 544,206 | ||||||||
Other [Member] | ||||||||||||
Revenues: | ||||||||||||
Total revenues | 30,389 | 36,062 | $ 43,233 | |||||||||
Long-lived assets: | ||||||||||||
Total long-lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases with Non Cancelable Terms (Detail) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $ 12,559 |
2016 | 7,841 |
2017 | 6,667 |
2018 | 5,168 |
2019 | 2,823 |
Thereafter | 2,192 |
Total | $ 37,250 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Commitment And Contingencies [Line Items] | |||
Rent expense for operating leases | $ 21,800,000 | $ 19,200,000 | $ 21,800,000 |
Exposure per occurrence, employees compensation | 250,000 | ||
Aggregate self insured exposure per employer's liability | 500,000 | ||
Exposure per occurrence | 500,000 | ||
Aggregate self insured exposure per occurrence, foreign employees compensation | 100,000 | ||
Aggregate self insured exposure per employer's liability, foreign | 1,000,000 | ||
Aggregate deductible for protection and indemnity and maritime employers' liability claims | 400,000 | ||
Auto liability claims | 100,000 | ||
Gross self insurance accruals | 3,900,000 | 5,500,000 | |
Related insurance recoveries | 1,500,000 | $ 2,000,000 | |
Estimated Litigation Liability | $ 11,760,000 |
Supplementary Information - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Additional Financial Information Disclosure [Abstract] | ||
Accrued Employee Benefits, Current | $ 20,714 | $ 27,678 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 18,169 | 18,169 |
Accrued Professional Fees, Current | 13,039 | 20,326 |
Deferred mobilization fees | 2,681 | 2,649 |
Workers' Compensation Liability, Current | 1,583 | 2,801 |
Accrued Liabilities, Current | $ 56,186 | $ 71,623 |
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of guaranteed subsidiaries by the parent companies | 100.00% |
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
(1)General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
(1)General and administration expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS (Dollars in Thousands) (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ (230,814) | $ (94,284) | $ 24,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on related borrowings | (691) | (2,012) | (4,870) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on foreign currency net investments | (4,265) | 405 | 2,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive gain (loss), net of tax: | (4,956) | (1,607) | (2,723) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | (235,770) | (95,891) | 21,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 4,606 | (673) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | (235,770) | (91,285) | 21,065 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | (230,814) | (95,073) | 23,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on related borrowings | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on foreign currency net investments | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | (95,073) | 23,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | (230,814) | (95,073) | 23,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | (49,625) | (13,875) | 69,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on related borrowings | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on foreign currency net investments | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | (13,875) | 69,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | (49,625) | (13,875) | 69,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Guarantor [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | (44,844) | (21,967) | (1,503) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on related borrowings | (691) | (2,012) | (4,870) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on foreign currency net investments | (4,265) | 405 | 2,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive gain (loss), net of tax: | (4,956) | (1,607) | (2,723) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | (23,574) | (4,226) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 4,606 | (673) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | (49,800) | (18,968) | (4,899) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Statement of Comprehensive Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 94,469 | 36,631 | (67,399) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on related borrowings | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation difference on foreign currency net investments | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive gain (loss), net of tax: | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 36,631 | (67,399) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to controlling interest | $ 94,469 | $ 36,631 | $ (67,399) |
Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 94,025,000 | $ 97,189,000 | $ 105,287,000 | $ 130,503,000 | $ 148,748,000 | $ 173,418,000 | $ 185,941,000 | $ 204,076,000 | $ 427,004,000 | $ 712,183,000 | $ 968,684,000 |
Operating gross margin | (19,694,000) | (21,965,000) | (20,225,000) | (13,428,000) | (3,460,000) | 4,871,000 | 4,021,000 | 24,267,000 | (75,312,000) | 29,699,000 | 154,182,000 |
Operating income | (30,190,000) | (29,576,000) | (28,222,000) | (23,269,000) | (20,718,000) | (4,547,000) | (7,944,000) | 15,871,000 | (111,257,000) | (17,338,000) | 120,220,000 |
Net income (loss) attributable to controlling interest | $ (48,929,000) | $ (46,228,000) | $ (39,822,000) | $ (95,835,000) | $ (35,646,000) | $ (48,620,000) | $ (14,029,000) | $ 3,222,000 | $ (230,814,000) | $ (95,073,000) | $ 23,451,000 |
Basic earnings per share - net income (loss) | $ (0.39) | $ (0.37) | $ (0.32) | $ (0.78) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ (1.86) | $ (0.78) | $ 0.19 |
Diluted earnings per share - net income (loss) | $ (0.39) | $ (0.37) | $ (0.32) | $ (0.78) | $ (0.29) | $ (0.40) | $ (0.11) | $ 0.03 | $ (1.86) | $ (0.78) | $ 0.19 |
'$Q-3EY=-F_<_\C*M]6V&CT5=5ULVG>5KT51YU9G\,TF X2?/>7PKMU@OTJP3X1[/];XML8G.M_DK!%3S6X)DV3)Z7M39KDA7<>
MV'N>WN1/^#CM7X5KI/'D8@.^;.I_;6T E+*YP1%J\8/-AH(ZQ.,MGMTX9J,1
M;#?](#9_X^(W4$L#!!0 ( ",X54KT?3SSLP$ -(# 9 >&PO=V]R
M:W-H965T6?N>-E;G D
M9NI]S\,3)X?4]Z8*SMB*>.?%6^^]E,FG)&>70#3''*>8=!VS1##/OJ1(MU(<
MTW_@Z39\OZEP'^'[-PK_0Y!M$F21('M#L']7XE9,]BX)6_54@6GC-%E2X:#C
M)*^\R\#>IO%-_H9/T_[ 32NT)6=T_F5C_QM$!U[*[LJ/4.<_V&)(:%PX7ONS
MF<9L,ASV\P]BRS
<$7,XECO&;
MXXEUO7$.4A4C[> 'F)_C65F+;"H-$S!H)@>DH"WQ0WP\Y0[O <\,9KW;(U?)
M1
6V+?X!4$L#!!0 ( ",X
M54JV$8DP@ ( (T* 9 >&PO=V]R:W-H965T
R23TG(8J823!.W
MR:)2]RIN\B(Z+^P]C7?R 1^W_2 W$
M7 OB4IQO'B:(Z$(6;T#, 22>1(:A8G^3]+>4(H'%/>R2
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M 5IFB[?V<+)<[/+W4]6<0]W2W/@5:OT#FQT!
MM0OFWMMF7+/1<;J;7A"9GW'Q%U!+ P04 " C.%5*0Z3/K>(- !+6P
M&0 'AL+W=OYYPIG)+%LR,TY07KU!D9GN
M,C@\9@LHVXGYS.!ZLQ=0)8J>: !J_BAX+G]FALVP.6&V@#(Q9TK%U VX6(IY
MU@-PI<;N#4=FV S[$V9#*)^>[@/D0CM'$X#<,