Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



	March 31, 2014
Balance Sheet	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments			Total Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	154,845		$	1,539		$	40,922		$	—		$	197,306
Accounts receivable, net	2,532			46,308			49,391			—			98,231
Unbilled receivables	—			55,168			13,284			—			68,452
Inventories	—			5,658			49,051			—			54,709
Prepaid expenses and other current assets	12,087			4,897			10,391			(1,770		)	25,605
Total current assets	169,464			113,570			163,039			(1,770		)	444,303
Deferred income tax asset	6,500			6,675			758			406			14,339
Property, plant, equipment and seismic rental equipment, net	6,152			29,977			23,682			—			59,811
Multi-client data library, net	—			213,272			29,811			—			243,083
Equity method investments	47,466			—			—			—			47,466
Investment in subsidiaries	785,917			256,637			—			(1,042,554		)	—
Goodwill	—			26,984			29,127			—			56,111
Intangible assets, net	—			7,747			2,819			—			10,566
Intercompany receivables	50,557			—			—			(50,557		)	—
Other assets	13,845			46			24,249			(22,500		)	15,640
Total assets	$	1,079,901		$	654,908		$	273,485		$	(1,116,975	)	$	891,319
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	50,000		$	4,794		$	5,757		$	—		$	60,551
Accounts payable	2,001			13,078			23,575			—			38,654
Accrued expenses	15,888			41,532			16,133			(1,082		)	72,471
Accrued multi-client data library royalties	—			37,648			615			—			38,263
Deferred revenue	—			12,689			3,341			—			16,030
Total current liabilities	67,889			109,741			49,421			(1,082		)	225,969
Long-term debt, net of current maturities	175,000			4,073			1,389			—			180,462
Intercompany payables	467,223			34,145			16,412			(517,780		)	—
Other long-term liabilities	33,957			121,617			10,195			(22,782		)	142,987
Total liabilities	744,069			269,576			77,417			(541,644		)	549,418
Redeemable noncontrolling interests	—			—			5,552			—			5,552
Stockholders’ equity:
Common stock	1,640			290,460			22,362			(312,822		)	1,640
Additional paid-in capital	882,892			175,005			235,994			(410,999		)	882,892
Accumulated earnings (deficit)	(530,178		)	324,015			(69		)	(323,946		)	(530,178		)
Accumulated other comprehensive income (loss)	(11,799		)	6,217			(11,430		)	5,213			(11,799		)
Due from ION Geophysical Corporation	—			(410,365		)	(56,858		)	467,223			—
Treasury stock	(6,565		)	—			—			—			(6,565		)
Total stockholders’ equity	335,990			385,332			189,999			(575,331		)	335,990
Noncontrolling interests	(158		)	—			517			—			359
Total equity	335,832			385,332			190,516			(575,331		)	336,349
Total liabilities and equity	$	1,079,901		$	654,908		$	273,485		$	(1,116,975	)	$	891,319



	December 31, 2013
Balance Sheet	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments			Total Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	124,701		$	—		$	23,355		$	—		$	148,056
Accounts receivable, net	1,874			99,547			48,027			—			149,448
Unbilled receivables	—			33,490			15,978			—			49,468
Inventories	—			6,595			50,578			—			57,173
Prepaid expenses and other current assets	12,888			5,030			7,438			(584		)	24,772
Total current assets	139,463			144,662			145,376			(584		)	428,917
Deferred income tax asset	6,513			6,960			489			688			14,650
Property, plant, equipment and seismic rental equipment, net	6,440			29,845			10,399			—			46,684
Multi-client data library, net	—			212,572			26,212			—			238,784
Equity method investments	51,065			—			2,800			—			53,865
Investment in subsidiaries	699,695			248,482			—			(948,177		)	—
Goodwill	—			26,984			28,892			—			55,876
Intangible assets, net	—			8,246			3,001			—			11,247
Intercompany receivables	8,313			13,419			—			(21,732		)	—
Other assets	14,315			56			24,262			(23,985		)	14,648
Total assets	$	925,804		$	691,226		$	241,431		$	(993,790	)	$	864,671
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	—		$	4,716		$	1,190		$	—		$	5,906
Accounts payable	3,515			11,741			7,364			34			22,654
Accrued expenses	16,652			54,250			13,392			64			84,358
Accrued multi-client data library royalties	—			45,921			539			—			46,460
Deferred revenue	—			16,387			4,295			—			20,682
Total current liabilities	20,167			133,015			26,780			98			180,060
Long-term debt, net of current maturities	210,000			3,655			591			—			214,246
Intercompany payables	426,134			—			21,732			(447,866		)	—
Other long-term liabilities	11,757			214,211			8,637			(24,003		)	210,602
Total liabilities	668,058			350,881			57,740			(471,771		)	604,908
Redeemable noncontrolling interests	—			—			1,878			—			1,878
Stockholders’ equity:
Common stock	1,637			290,460			19,138			(309,598		)	1,637
Additional paid-in capital	879,969			180,700			235,381			(416,081		)	879,969
Accumulated earnings (deficit)	(606,157		)	232,186			(4,010		)	(228,176		)	(606,157		)
Accumulated other comprehensive income (loss)	(11,138		)	6,218			(11,920		)	5,702			(11,138		)
Due from ION Geophysical Corporation	—			(369,219		)	(56,915		)	426,134			—
Treasury stock	(6,565		)	—			—			—			(6,565		)
Total stockholders’ equity	257,746			340,345			181,674			(522,019		)	257,746
Noncontrolling interests	—			—			139			—			139
Total equity	257,746			340,345			181,813			(522,019		)	257,885
Total liabilities and equity	$	925,804		$	691,226		$	241,431		$	(993,790	)	$	864,671

Condensed Income Statement



	Three Months Ended March 31, 2014
Income Statement	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments			Total Consolidated
	(In thousands)
Total net revenues	$	—		$	78,122		$	66,576		$	—		$	144,698
Cost of goods sold	—			43,996			43,848			—			87,844
Gross profit	—			34,126			22,728			—			56,854
Total operating expenses	9,021			15,255			12,907			—			37,183
Income (loss) from operations	(9,021		)	18,871			9,821			—			19,671
Interest expense, net	(4,573		)	(42		)	(182		)	—			(4,797		)
Intercompany interest, net	66			(435		)	369			—			—
Equity in earnings (losses) of investments	89,488			3,856			738			(95,770		)	(1,688		)
Other income (expense)	497			69,911			(1,882		)	—			68,526
Net income before income taxes	76,457			92,161			8,864			(95,770		)	81,712
Income tax expense	478			332			4,453			—			5,263
Net income	75,979			91,829			4,411			(95,770		)	76,449
Net income attributable to noncontrolling interests	—			—			(470		)	—			(470		)
Net income applicable to common shares	$	75,979		$	91,829		$	3,941		$	(95,770	)	$	75,979
Comprehensive net income	$	75,318		$	91,828		$	4,901		$	(96,259	)	$	75,788
Comprehensive income attributable to noncontrolling interest	—			—			(470		)	—			(470		)
Comprehensive net income attributable to ION	$	75,318		$	91,828		$	4,431		$	(96,259	)	$	75,318



	Three Months Ended March 31, 2013
Income Statement	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments			Total Consolidated
	(In thousands)
Total net revenues	$	—		$	73,922		$	55,815		$	—		$	129,737
Cost of goods sold	—			60,183			34,597			—			94,780
Gross profit	—			13,739			21,218			—			34,957
Total operating expenses	8,030			16,357			8,647			—			33,034
Income (loss) from operations	(8,030		)	(2,618		)	12,571			—			1,923
Interest expense, net	(1,025		)	22			(63		)	—			(1,066		)
Intercompany interest, net	82			(269		)	187			—			—
Equity in earnings (losses) of investments	5,837			6,634			(735		)	(10,620		)	1,116
Other income	340			8			679			—			1,027
Net income (loss) before income taxes	(2,796		)	3,777			12,639			(10,620		)	3,000
Income tax expense (benefit)	(4,671		)	(768		)	6,640			—			1,201
Net income	1,875			4,545			5,999			(10,620		)	1,799
Net loss attributable to noncontrolling interests	—			—			76			—			76
Net income attributable to ION	1,875			4,545			6,075			(10,620		)	1,875
Preferred stock dividends	338			—			—			—			338
Net income applicable to common shares	$	1,537		$	4,545		$	6,075		$	(10,620	)	$	1,537
Comprehensive net income (loss)	$	(1,781	)	$	4,546		$	2,275		$	(6,897	)	$	(1,857	)
Comprehensive loss attributable to noncontrolling interest	—			—			76			—			76
Comprehensive net income (loss) attributable to ION	$	(1,781	)	$	4,546		$	2,351		$	(6,897	)	$	(1,781	)

Condensed Cash Flow Statement



	Three Months Ended March 31, 2014
Statement of Cash Flows	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments		Total Consolidated
	(In thousands)
Cash flows from operating activities:
Net cash provided by operating activities	$	15,105		$	19,989		$	27,588		$	—	$	62,682
Cash flows from investing activities:
Cash invested in multi-client data library	—			(22,299		)	(54		)	—		(22,353		)
Purchase of property, plant, equipment and seismic rental equipment	(551		)	(1,230		)	(216		)	—		(1,997		)
Repayment of advances by INOVA Geophysical	1,000			—			—			—		1,000
Investment in and advances to OceanGeo B.V.	—			—			(3,683		)	—		(3,683		)
Cash of OceanGeo B.V. upon acquiring a controlling interest	—			—			609			—		609
Other investing activities	579			26			—			—		605
Net cash provided by (used in) investing activities	1,028			(23,503		)	(3,344		)	—		(25,819		)
Cash flows from financing activities:
Borrowings under revolving line of credit	15,000			—			—			—		15,000
Payments on notes payable and long-term debt	—			(1,365		)	(1,390		)	—		(2,755		)
Intercompany lending	(1,155		)	6,418			(5,263		)	—		—
Proceeds from employee stock purchases and exercise of stock options	246			—			—			—		246
Other financing activities	(80		)	—			—			—		(80		)
Net cash provided by (used in) financing activities	14,011			5,053			(6,653		)	—		12,411
Effect of change in foreign currency exchange rates on cash and cash equivalents	—			—			(24		)	—		(24		)
Net increase in cash and cash equivalents	30,144			1,539			17,567			—		49,250
Cash and cash equivalents at beginning of period	124,701			—			23,355			—		148,056
Cash and cash equivalents at end of period	$	154,845		$	1,539		$	40,922		$	—	$	197,306



	Three Months Ended March 31, 2013
Statement of Cash Flows	ION Geophysical Corporation			The Guarantors			All Other Subsidiaries			Consolidating Adjustments		Total Consolidated
	(In thousands)
Cash flows from operating activities:
Net cash provided by operating activities	$	16,769		$	7,813		$	25,009		$	—	$	49,591
Cash flows from investing activities:
Cash invested in multi-client data library	—			(13,076		)	(15,702		)	—		(28,778		)
Purchase of property, plant, equipment and seismic rental equipment	—			(3,774		)	—			—		(3,774		)
Investment in and advances to OceanGeo B.V.	(8,000		)	—			(1,500		)	—		(9,500		)
Investment in convertible notes	(1,000		)	—			—			—		(1,000		)
Other investing activities	—			—			76			—		76
Net cash used in investing activities	(9,000		)	(16,850		)	(17,126		)	—		(42,976		)
Cash flows from financing activities:
Payments on notes payable and long-term debt	—			(597		)	(251		)	—		(848		)
Intercompany lending	(26,286		)	9,634			16,652			—		—
Payment of preferred dividends	(338		)	—			—			—		(338		)
Proceeds from employee stock purchases and exercise of stock options	716			—			—			—		716
Other financing activities	350			—			—			—		350
Net cash provided by (used in) financing activities	(25,558		)	9,037			16,401			—		(120		)
Effect of change in foreign currency exchange rates on cash and cash equivalents	—			—			(891		)	—		(891		)
Net increase (decrease) in cash and cash equivalents	(17,789		)	—			23,393			—		5,604
Cash and cash equivalents at beginning of period	30,343			—			30,628			—		60,971
Cash and cash equivalents at end of period	$	12,554		$	—		$	54,021		$	—	$	66,575