Annual report pursuant to Section 13 and 15(d)

Chapter 11 Cases - Debtor in Possession Financial Statements (Details)

v3.19.1
Chapter 11 Cases - Debtor in Possession Financial Statements (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Current assets:                        
Cash and cash equivalents $ 48,602       $ 141,549       $ 48,602 $ 141,549    
Restricted cash 10,389       0       10,389 0    
Accounts and Notes Receivable, net of allowance for bad debts of $7,767 at December 31, 2018 and $7,564 at December 31, 2017 136,437       122,511       136,437 122,511    
Rig materials and supplies 36,245       31,415       36,245 31,415    
Deferred costs 4,353       3,145       4,353 3,145    
Other tax assets 2,949       4,889       2,949 4,889    
Other current assets 27,929       14,327       27,929 14,327    
Total current assets 266,904       317,836       266,904 317,836    
Property, plant and equipment, net of accumulated depreciation of $951,798 at December 31, 2018 and $1,343,105 at December 31, 2017 (Note 3) 534,371       625,771       534,371 625,771    
Intangible assets, net (Note 4) 4,821       7,128       4,821 7,128    
Rig materials and supplies 12,971       18,788       12,971 18,788    
Deferred income taxes 2,143       1,284       2,143 1,284    
Other non-current assets 7,204       12,764       7,204 12,764    
Total assets 828,414       990,279       828,414 990,279    
Current Liabilities:                        
Debtor in possession financing (Note 2) 10,000       0       10,000 0    
Accounts payable 39,678       41,523       39,678 41,523    
Accrued liabilities 35,385       57,723       35,385 57,723    
Accrued income taxes 3,385       4,430       3,385 4,430    
Total current liabilities 88,448       103,676       88,448 103,676    
Other long-term liabilities 11,544       12,433       11,544 12,433    
Long-term deferred tax liability 510       78       510 78    
Total liabilities not subject to compromise 100,502       694,158       100,502 694,158    
Liabilities subject to compromise (Note 2) 600,996       0       600,996 0    
Total stockholder's equity 126,916       296,121       126,916 296,121 $ 339,135 $ 568,512
Total liabilities and stockholders’ equity 828,414       990,279       828,414 990,279    
Accumulated Depreciation 951,798       1,343,105       951,798 1,343,105    
Intra-entity receivables 174,700               174,700      
Intragroup payables 213,200               213,200      
Intragroup liabilities 314,600               314,600      
Debtor-In-Possession, Statement Of Operations [Abstract]                        
Revenues 129,148 $ 123,395 $ 118,603 $ 109,675 116,334 $ 118,308 $ 109,607 $ 98,271 480,821 442,520 427,004  
Expenses:                        
Operating expenses                 378,104 355,487 362,521  
Depreciation and amortization                 107,545 122,373 139,795  
Total expenses                 485,649 477,860 502,316  
Total operating gross margin (loss) 3,815 1,932 (167) (10,408) (4,700) 121 (11,016) (19,745) (4,828) (35,340) (75,312)  
General and administrative expense                 (24,545) (25,676) (34,332)  
Loss on impairment                 (50,698) 0 0  
Gain (loss) on disposition of assets, net                 (1,724) (2,851) (1,613)  
Pre-petition restructuring charges                 (21,820) 0 0  
Reorganization items                 (9,789) 0    
Total operating income (loss) (31,661) (56,544) (8,933) (16,266) (14,221) (6,815) (17,632) (27,137) (113,404) (65,805) (111,257)  
Other income (expense):                        
Interest expense                 (42,565) (44,226) (45,812)  
Interest income                 91 244 58  
Other                 (2,023) 126 367  
Equity in net earnings of subsidiaries                 0 0 0  
Total other income (expense)                 (44,497) (43,856) (45,387)  
Income (loss) before income taxes                 (157,901) (109,661) (156,644)  
Current tax expense                 8,225 9,264 5,108  
Deferred tax expense (benefit)                 (429) (224) 69,062  
Total income tax expense (benefit)                 7,796 9,040 74,170  
Net income (loss) (43,073) (70,951) (22,877) (28,796) (28,693) (20,311) (29,888) (39,809) (165,697) (118,701) (230,814)  
Less: Convertible preferred stock dividend                 2,719 3,051 0  
Net income (loss) available to common stockholders (43,073) (71,857) (23,784) (29,702) (29,599) (21,217) (31,127) (39,809) (168,416) (121,752) (230,814)  
Cash flows from operating activities:                        
Net income (loss) (43,073) $ (70,951) $ (22,877) (28,796) (28,693) $ (20,311) $ (29,888) (39,809) (165,697) (118,701) (230,814)  
Adjustments to reconcile net income (loss):                        
Depreciation and amortization                 107,545 122,373 139,795  
Gain (loss) on disposition of assets, net                 1,724 2,851 1,613  
Deferred tax expense (benefit)                 (429) (224) 69,062  
Loss on impairment                 50,698 0 0  
Equity in net earnings of subsidiaries                 7,538 0 0  
Expenses not requiring cash                 5,151 4,251 2,518  
Equity in net earnings of subsidiaries                 0 0 0  
Change in assets and liabilities:                        
Accounts and notes receivable                 (15,235) (9,628) 60,391  
Rig materials and supplies                 249 4,710 (1,752)  
Other current assets                 (10,860) (1,319) 2,140  
Other non-current assets                 13,019 8,658 3,897  
Accounts payable and accrued liabilities                 (9,489) (8,714) (19,494)  
Accrued income taxes                 (1,264) 538 (6,422)  
Net cash provided by (used in) operating activities                 (17,050) 6,733 22,441  
Cash flows from investing activities:                        
Capital expenditures                 (70,567) (54,533) (28,954)  
Proceeds from the sale of assets                 1,353 403 2,441  
Net cash provided by (used in) investing activities                 (69,214) (54,130) (26,513)  
Cash flows from financing activities:                        
Proceeds from borrowing under DIP facility                 10,000 0 0  
Payment of DIP facility costs                 (975) 0 0  
Convertible preferred stock dividend                 (3,625) (2,145) 0  
Payments of debt issuance costs                 (1,443) 0 0  
Shares surrendered in lieu of tax                 (251) (936) (1,156)  
Net cash provided by (used in) financing activities                 3,706 69,255 (10,531)  
Net increase (decrease) in cash, cash equivalents and restricted cash                 (82,558) 21,858 (14,603)  
Cash, cash equivalents and restricted cash at beginning of period       141,549       $ 119,691 141,549 119,691 134,294  
Cash, cash equivalents and restricted cash at end of period 58,991       141,549       58,991 141,549 $ 119,691  
Parker Drilling Company, Debtor-in-Possession                        
Current assets:                        
Cash and cash equivalents 15,226               15,226      
Restricted cash 10,389               10,389      
Accounts and Notes Receivable, net of allowance for bad debts of $7,767 at December 31, 2018 and $7,564 at December 31, 2017 223,296               223,296      
Rig materials and supplies 1,650               1,650      
Deferred costs 975               975      
Other tax assets 183,356               183,356      
Other current assets 18,329               18,329      
Total current assets 453,221               453,221      
Property, plant and equipment, net of accumulated depreciation of $951,798 at December 31, 2018 and $1,343,105 at December 31, 2017 (Note 3) 369,510               369,510      
Intangible assets, net (Note 4) 4,821               4,821      
Rig materials and supplies 7,036               7,036      
Deferred income taxes 23,576               23,576      
Intra-group advances 549,460               549,460      
Investment in subsidiaries 893,550               893,550      
Other non-current assets 1,452               1,452      
Total assets 2,302,626               2,302,626      
Current Liabilities:                        
Debtor in possession financing (Note 2) 10,000               10,000      
Accounts payable 286,840               286,840      
Accrued liabilities 28,184               28,184      
Accrued income taxes 204,518               204,518      
Total current liabilities 529,542               529,542      
Other long-term liabilities 728,218               728,218      
Long-term deferred tax liability 36,463               36,463      
Total liabilities not subject to compromise 1,294,223               1,294,223      
Liabilities subject to compromise (Note 2) 600,996               600,996      
Total stockholder's equity 407,407               407,407      
Total liabilities and stockholders’ equity 2,302,626               2,302,626      
Allowance for doubtful accounts receivable 808               808      
Accumulated Depreciation 526,166               526,166      
Debtor-In-Possession, Statement Of Operations [Abstract]                        
Revenues                 203,585      
Expenses:                        
Operating expenses                 115,269      
Depreciation and amortization                 76,353      
Total expenses                 191,622      
Total operating gross margin (loss)                 11,963      
General and administrative expense                 (23,539)      
Loss on impairment                 (40,917)      
Gain (loss) on disposition of assets, net                 (1,347)      
Pre-petition restructuring charges                 (21,820)      
Reorganization items                 9,789      
Total operating income (loss)                 (85,449)      
Other income (expense):                        
Interest expense                 (45,488)      
Interest income                 1,152      
Other                 6      
Equity in net earnings of subsidiaries                 (33,040)      
Total other income (expense)                 (77,370)      
Income (loss) before income taxes                 (162,819)      
Current tax expense                 1,517      
Deferred tax expense (benefit)                 1,361      
Total income tax expense (benefit)                 2,878      
Net income (loss)                 (165,697)      
Less: Convertible preferred stock dividend                 2,719      
Net income (loss) available to common stockholders                 (168,416)      
Cash flows from operating activities:                        
Net income (loss)                 (165,697)      
Adjustments to reconcile net income (loss):                        
Depreciation and amortization                 76,353      
Gain (loss) on disposition of assets, net                 1,347      
Deferred tax expense (benefit)                 1,361      
Loss on impairment                 40,917      
Equity in net earnings of subsidiaries                 7,538      
Expenses not requiring cash                 4,224      
Equity in net earnings of subsidiaries                 (33,040)      
Change in assets and liabilities:                        
Accounts and notes receivable                 (2,189)      
Rig materials and supplies                 (4,454)      
Other current assets                 (41,564)      
Other non-current assets                 2,586      
Accounts payable and accrued liabilities                 (559)      
Accrued income taxes                 29,818      
Net cash provided by (used in) operating activities                 (17,279)      
Cash flows from investing activities:                        
Capital expenditures                 (56,897)      
Proceeds from the sale of assets                 87      
Net cash provided by (used in) investing activities                 (56,810)      
Cash flows from financing activities:                        
Proceeds from borrowing under DIP facility                 10,000      
Payment of DIP facility costs                 (975)      
Convertible preferred stock dividend                 (3,625)      
Payments of debt issuance costs                 (1,443)      
Shares surrendered in lieu of tax                 (251)      
Net cash provided by (used in) financing activities                 3,706      
Net increase (decrease) in cash, cash equivalents and restricted cash                 (70,383)      
Cash, cash equivalents and restricted cash at beginning of period       $ 95,998         95,998      
Cash, cash equivalents and restricted cash at end of period $ 25,615       $ 95,998       $ 25,615 $ 95,998