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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $ 24,461us-gaap_ProfitLoss | $ 27,179us-gaap_ProfitLoss | $ 37,098us-gaap_ProfitLoss |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 145,121us-gaap_DepreciationDepletionAndAmortization | 134,053us-gaap_DepreciationDepletionAndAmortization | 113,017us-gaap_DepreciationDepletionAndAmortization |
| Loss on extinguishment of debt | 30,152us-gaap_GainsLossesOnExtinguishmentOfDebt | 5,218us-gaap_GainsLossesOnExtinguishmentOfDebt | 2,130us-gaap_GainsLossesOnExtinguishmentOfDebt |
| Gain on disposition of assets | (1,054)us-gaap_GainLossOnDispositionOfAssets | (3,994)us-gaap_GainLossOnDispositionOfAssets | (1,974)us-gaap_GainLossOnDispositionOfAssets |
| Deferred tax expense | 1,509us-gaap_DeferredIncomeTaxExpenseBenefit | 12,699us-gaap_DeferredIncomeTaxExpenseBenefit | 15,837us-gaap_DeferredIncomeTaxExpenseBenefit |
| Provision for reduction in carrying value of certain assets | 0us-gaap_OtherAssetImpairmentCharges | 2,544us-gaap_OtherAssetImpairmentCharges | 0us-gaap_OtherAssetImpairmentCharges |
| Expenses not requiring cash | 19,331us-gaap_OtherNoncashExpense | 17,764us-gaap_OtherNoncashExpense | 22,600us-gaap_OtherNoncashExpense |
| Change in assets and liabilities: | |||
| Accounts and notes receivable | (12,238)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable | (33,512)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable | 15,241us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable |
| Rig materials and supplies | (2,878)us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets | 1,754us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets | 344us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets |
| Other current assets | 26,032us-gaap_IncreaseDecreaseInOtherCurrentAssets | (11,715)us-gaap_IncreaseDecreaseInOtherCurrentAssets | (4,313)us-gaap_IncreaseDecreaseInOtherCurrentAssets |
| Accounts payable and accrued liabilities | 27,231us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | (286)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | (2,657)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
| Accrued income taxes | (7,657)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable | 10,454us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable | (6,102)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
| Other assets | (47,543)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets | (661)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets | (1,522)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets |
| Net cash provided by operating activities | 202,467us-gaap_NetCashProvidedByUsedInOperatingActivities | 161,497us-gaap_NetCashProvidedByUsedInOperatingActivities | 189,699us-gaap_NetCashProvidedByUsedInOperatingActivities |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (179,513)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (155,645)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (191,543)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
| Proceeds from the sale of assets | 5,938us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 8,218us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment | 3,937us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
| Acquisition of ITS, net of cash acquired | 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | (117,991)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired | |
| Net cash used in investing activities | (173,575)us-gaap_NetCashProvidedByUsedInInvestingActivities | (265,418)us-gaap_NetCashProvidedByUsedInInvestingActivities | (187,606)us-gaap_NetCashProvidedByUsedInInvestingActivities |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of debt | 400,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt | 350,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt | 130,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt |
| Proceeds from draw on revolver credit facility | 0us-gaap_ProceedsFromLinesOfCredit | 0us-gaap_ProceedsFromLinesOfCredit | 7,000us-gaap_ProceedsFromLinesOfCredit |
| Repayments of long-term debt | (425,000)us-gaap_RepaymentsOfLongTermDebt | (125,000)us-gaap_RepaymentsOfLongTermDebt | 0us-gaap_RepaymentsOfLongTermDebt |
| Repayments of senior notes | 0us-gaap_RepaymentsOfSeniorDebt | 0us-gaap_RepaymentsOfSeniorDebt | (125,000)us-gaap_RepaymentsOfSeniorDebt |
| Repayments of term loan | (10,000)us-gaap_RepaymentsOfOtherLongTermDebt | (50,000)us-gaap_RepaymentsOfOtherLongTermDebt | (18,000)us-gaap_RepaymentsOfOtherLongTermDebt |
| Payments of debt issuance costs | (7,630)us-gaap_PaymentsOfDebtIssuanceCosts | (11,172)us-gaap_PaymentsOfDebtIssuanceCosts | (4,859)us-gaap_PaymentsOfDebtIssuanceCosts |
| Payments of debt extinguishment costs | (26,214)us-gaap_PaymentsOfDebtExtinguishmentCosts | 0us-gaap_PaymentsOfDebtExtinguishmentCosts | (555)us-gaap_PaymentsOfDebtExtinguishmentCosts |
| Excess tax benefit (expense) from stock-based compensation | (281)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | 896us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | (662)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
| Net cash provided by (used in) financing activities | (69,125)us-gaap_NetCashProvidedByUsedInFinancingActivities | 164,724us-gaap_NetCashProvidedByUsedInFinancingActivities | (12,076)us-gaap_NetCashProvidedByUsedInFinancingActivities |
| Net increase (decrease) in cash and cash equivalents | (40,233)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 60,803us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (9,983)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
| Cash and cash equivalents at beginning of year | 148,689us-gaap_CashAndCashEquivalentsAtCarryingValue | 87,886us-gaap_CashAndCashEquivalentsAtCarryingValue | 97,869us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash and cash equivalents at end of year | 108,456us-gaap_CashAndCashEquivalentsAtCarryingValue | 148,689us-gaap_CashAndCashEquivalentsAtCarryingValue | 87,886us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Supplemental cash flow information: | |||
| Interest paid | 41,820us-gaap_InterestPaid | 42,236us-gaap_InterestPaid | 37,405us-gaap_InterestPaid |
| Income taxes paid | $ 26,694us-gaap_IncomeTaxesPaid | $ 17,036us-gaap_IncomeTaxesPaid | $ 40,234us-gaap_IncomeTaxesPaid |
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the total amount of inventories and other operating assets not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The increase (decrease) during the reporting period in other noncurrent operating assets not separately disclosed in the statement of cash flows. No definition available.
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for incremental, external costs directly pertaining to an early extinguishment of debt, including legal costs and prepayment penalties, and excluding interest and repayment of debt principal. No definition available.
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from other long-term borrowings not otherwise defined in the taxonomy (with maturities initially due beyond one year or the normal operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow attributable to repayments of borrowings not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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