XML 62 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Jun. 30, 2012
Other Acquisitions
  
Business Acquisition [Line Items]  
Summary of recognized amounts of identifiable assets acquired and liabilities assumed
The following table summarizes the recognized amounts of identifiable assets acquired and liabilities assumed (in thousands). The Company has finalized the acquisition accounting of the identified acquired assets and liabilities, except for the completion of the intangible assets, current liabilities and remedial liability valuations. The Company expects to finalize the valuations of these exceptions as soon as practicable but no later than one year after the acquisition date. Final determination of the fair value may result in further adjustments to the value of the intangible assets, current liabilities and remedial liabilities.
 
At Acquisition Dates (As reported at March 31, 2012)
 
Measurement Period Adjustments
 
At Acquisition Dates (As Adjusted)
Current assets (i)
$
41,491

 
$
—

 
$
41,491

Property, plant and equipment
62,969

 
—

 
62,969

Customer relationships and other intangibles
23,371

 
—

 
23,371

Other assets
1,671

 
—

 
1,671

Current liabilities
(22,117
)
 
(1,286
)
 
(23,403
)
Asset retirement obligations and remedial liabilities
(200
)
 
—

 
(200
)
Other liabilities
(2,419
)
 
—

 
(2,419
)
Total identifiable net assets
104,766

 
(1,286
)
 
103,480

Goodwill (ii)
37,368

 
1,286

 
38,654

Total
$
142,134

 
$
—

 
$
142,134


(i)
The preliminary fair value of the financial assets acquired includes customer receivables with a preliminary aggregate fair value of $21.4 million. Combined gross amounts due were $22.1 million.
 
(ii)
Goodwill represents the excess of the fair value of the net assets acquired over the purchase price. Goodwill of $13.3 million, $11.4 million and $14.0 million has been assigned to the Oil and Gas Field Services segment, the Technical Services segment, and the Industrial Services segment, respectively, and will not be deductible for tax purposes.
Business Acquisition, Pro Forma Combined Information [Table Text Block]
The following unaudited pro forma combined summary data presents information as if the third quarter acquisitions had been acquired at the beginning of 2011 and assumes that there were no material, non-recurring pro forma adjustments directly attributable to the acquisitions. The pro forma information does not necessarily reflect the actual results that would have occurred had the Company and those three acquisitions been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands).
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2011
 
June 30, 2011
Pro forma combined revenues
$
483,164

 
$
965,633

Pro forma combined net income
$
30,093

 
$
57,063
Peak Energy Services Ltd.'s (Peak) [Member]
  
Business Acquisition [Line Items]  
Summary of recognized amounts of identifiable assets acquired and liabilities assumed
 
 
At June 10, 2011
(As reported at March 31, 2012)
 
Measurement
Period
Adjustments
 
At June 10,
2011
(As adjusted)
Current assets (i)
 
$
45,222

 
$
—

 
$
45,222

Property, plant and equipment
 
151,574

 
—

 
151,574

Identifiable intangible assets
 
14,731

 
(2,394
)
 
12,337

Other assets
 
7,640

 
369

 
8,009

Current liabilities
 
(29,013
)
 
228

 
(28,785
)
Asset retirement obligations
 
(103
)
 
—

 
(103
)
Other liabilities
 
(10,077
)
 
(1,264
)
 
(11,341
)
Total identifiable net assets
 
179,974

 
(3,061
)
 
176,913

Goodwill (ii)
 
25,159

 
3,061

 
28,220

Total
 
$
205,133

 
$
—

 
$
205,133

_______________________
(i)
The fair value of the financial assets acquired includes customer receivables with a fair value of $33.3 million. The gross amount due was $34.7 million.

(ii)
Goodwill, which is attributable to expected operating and cross-selling synergies, will not be deductible for tax purposes. Goodwill of $12.9 million and $15.3 million has been recorded in the Oil and Gas Field Services and Industrial Services segments, respectivel
Business Acquisition, Pro Forma Combined Information [Table Text Block]
The following unaudited pro forma combined summary data presents information as if Peak had been acquired at the beginning of 2011 and assumes that there was no material, non-recurring pro forma adjustment directly attributable to the acquisition. The pro forma information does not necessarily reflect the actual results that would have occurred had the Company and Peak been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands).
 
For the Three Months Ended
For the Six Months Ended
 
June 30, 2011
June 30, 2011
Pro forma combined revenues
$
476,738

$
977,430

Pro forma combined net income
$
22,698

$
53,738