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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Year Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		108,539,940
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1.1

Consolidated statements of comprehensive income (loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Cost of sales	194,705	151,150	151,860	132,117	116,590	108,984	137,442	124,884	629,832	487,900	810,975
Gross profit	52,995	47,559	49,255	38,979	30,613	29,284	5,281	34,557	188,788	99,735	262,677
Operating expenses
Selling, general and administrative expenses									253,713	227,008	264,906
Goodwill and intangible asset impairments									69,062	0	125,092
Transaction expenses									6,511	865	480
Loss on disposal of assets									2,097	2,638	746
Total operating expenses	73,709	64,839	131,779	61,056	56,069	55,920	58,375	60,147	331,383	230,511	391,224
Earnings from equity investment	(6,391)	3,361	2,568	1,462	617	414	216	577	1,000	1,824	14,824
Operating loss	(27,105)	(13,919)	(79,956)	(20,615)	(24,839)	(26,222)	(52,878)	(25,013)	(141,595)	(128,952)	(113,723)
Other expense (income)
Interest expense									26,808	27,410	29,945
Foreign exchange losses (gains) and other, net									7,268	(21,341)	(9,345)
Gain realized on previously held equity investment									(120,392)	0	0
Deferred loan costs written off									0	2,978	0
Total other expense (income)	(112,155)	8,726	8,987	8,126	341	3,594	(3,229)	8,341	(86,316)	9,047	20,600
Loss before income taxes	85,050	(22,645)	(88,943)	(28,741)	(25,180)	(29,816)	(49,649)	(33,354)	(55,279)	(137,999)	(134,323)
Income tax expense (benefit)	35,981	(7,817)	(11,070)	(12,973)	(12,677)	(11,821)	(21,147)	(10,406)	4,121	(56,051)	(14,939)
Net loss	49,069	(14,828)	(77,873)	(15,768)	(12,503)	(17,995)	(28,502)	(22,948)	(59,400)	(81,948)	(119,384)
Less: Income (loss) attributable to noncontrolling interest	0	0	0	0	6	(6)	35	(5)	0	30	(31)
Net loss attributable to common stockholders	$ 49,069	$ (14,828)	$ (77,873)	$ (15,768)	$ (12,509)	$ (17,989)	$ (28,537)	$ (22,943)	$ (59,400)	$ (81,978)	$ (119,353)
Weighted average shares outstanding
Basic (in shares)	105,947	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908
Diluted (in shares)	108,581	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908
Loss per share
Basic (in dollars per share)	$ 0.46	$ (0.15)	$ (0.81)	$ (0.16)	$ (0.14)	$ (0.20)	$ (0.31)	$ (0.25)	$ (0.60)	$ (0.90)	$ (1.33)
Diluted (in dollars per share)	$ 0.45	$ (0.15)	$ (0.81)	$ (0.16)	$ (0.14)	$ (0.20)	$ (0.31)	$ (0.25)	$ (0.60)	$ (0.90)	$ (1.33)
Other comprehensive income (loss), net of tax:
Net loss	$ 49,069	$ (14,828)	$ (77,873)	$ (15,768)	$ (12,503)	$ (17,995)	$ (28,502)	$ (22,948)	$ (59,400)	$ (81,948)	$ (119,384)
Change in foreign currency translation, net of tax of $0									36,163	(45,722)	(45,270)
Gain (loss) on pension liability									107	(335)	46
Comprehensive income (loss)									(23,130)	(128,005)	(164,608)
Less: comprehensive loss (income) attributable to noncontrolling interests									0	(162)	168
Comprehensive income (loss) attributable to common stockholders									$ (23,130)	$ (128,167)	$ (164,440)

Consolidated statements of comprehensive income (loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 115,216	$ 234,422
Accounts receivable—trade, net	202,914	105,268
Inventories, net	443,177	338,583
Income tax receivable	1,872	32,801
Prepaid expenses and other current assets	17,618	29,443
Costs and estimated profits in excess of billings	9,584	9,199
Total current assets	790,381	749,716
Property and equipment, net of accumulated depreciation	197,281	152,212
Deferred financing costs, net	2,900	1,112
Intangibles, net	443,064	216,418
Goodwill	755,245	652,743
Investment in unconsolidated subsidiary	0	59,140
Deferred income taxes, net	3,344	851
Other long-term assets	3,013	3,000
Total assets	2,195,228	1,835,192
Current liabilities
Current portion of long-term debt	1,156	124
Accounts payable—trade	137,684	73,775
Accrued liabilities	66,765	55,604
Deferred revenue	8,819	8,338
Billings in excess of costs and profits recognized	1,881	4,004
Total current liabilities	216,305	141,845
Long-term debt, net of current portion	506,750	396,747
Deferred income taxes, net	31,232	26,185
Other long-term liabilities	31,925	34,654
Total liabilities	786,212	599,431
Commitments and contingencies
Equity
Common stock, $0.01 par value, 296,000,000 shares authorized, 116,343,656 and 103,682,128 shares issued	1,163	1,037
Additional paid-in capital	1,195,339	998,169
Treasury stock at cost, 8,190,362 and 8,174,963 shares	(134,293)	(133,941)
Retained earnings	438,774	498,174
Accumulated other comprehensive loss	(91,967)	(128,237)
Total stockholders’ equity	1,409,016	1,235,202
Noncontrolling interest in subsidiary	0	559
Total equity	1,409,016	1,235,761
Total liabilities and equity	$ 2,195,228	$ 1,835,192

Consolidated balance sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	296,000,000	296,000,000
Common Stock, shares issued	116,343,656	103,682,128
Treasury Stock, shares, at cost	8,190,362	8,174,963

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net loss	$ (59,400)	$ (81,948)	$ (119,384)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation expense	34,401	35,636	38,388
Amortization of intangible assets	30,728	26,124	27,295
Goodwill and intangible asset impairments	69,062	0	125,092
Inventory write down	14,620	25,537	51,917
Share-based compensation expense	20,310	20,535	21,675
(Earnings) loss from unconsolidated subsidiary, net of distributions	2,073	(1,421)	(8,044)
Gain realized on previously held equity investment	(120,392)	0	0
Deferred income taxes	149	(24,418)	(23,246)
Deferred loan costs written off	0	2,978	0
Provision for doubtful accounts	2,903	485	4,358
Other	3,886	4,389	3,867
Changes in operating assets and liabilities
Accounts receivable—trade	(64,844)	29,450	145,753
Inventories	(66,646)	57,294	344
Income tax receivable	30,929	(32,801)	0
Prepaid expenses and other current assets	12,462	1,071	3,576
Cost and estimated profit in excess of billings	(171)	1,897	2,215
Accounts payable, deferred revenue and other accrued liabilities	52,142	3,799	(111,264)
Billings in excess of costs and estimated profits earned	(2,245)	(3,865)	(6,629)
Net cash provided by (used in) operating activities	(40,033)	64,742	155,913
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(162,189)	(4,072)	(60,836)
Investment in unconsolidated subsidiary	(1,041)	0	0
Capital expenditures for property and equipment	(26,709)	(16,828)	(32,291)
Proceeds from sale of business, property and equipment	1,971	9,763	1,821
Net cash used in investing activities	(187,968)	(11,137)	(91,306)
Cash flows from financing activities
Borrowings under credit facility	107,431	0	94,984
Repayment of debt	0	0	(120,077)
Repurchases of stock	(4,742)	(623)	(6,438)
Excess tax benefits from stock based compensation	0	0	(8)
Proceeds from stock issuance	1,491	87,676	5,275
Payment of capital lease obligation	(1,187)	(92)	(673)
Deferred financing costs	(2,430)	(766)	0
Net cash provided by (used in) financing activities	100,563	86,195	(26,937)
Effect of exchange rate changes on cash	8,232	(14,627)	(5,000)
Net increase (decrease) in cash and cash equivalents	(119,206)	125,173	32,670
Cash and cash equivalents
Beginning of period	234,422	109,249	76,579
End of period	115,216	234,422	109,249
Supplemental cash flow disclosures
Cash paid for interest	25,986	26,331	27,870
Cash paid (refunded) for income taxes	(29,094)	(6,273)	19,919
Noncash investing and financing activities
Acquisition via issuance of stock	177,972	0	0
Accrued purchases of property and equipment	1,398	797	929
Accrued consideration for acquisition	$ 0	$ 0	$ 1,070

Consolidated statements of changes in stockholders' equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid in capital	Treasury Shares	Retained earnings	Accumulated other comprehensive income / (loss)	Total common Stockholders’ equity	Non controlling Interest
Balance (in shares) at Dec. 31, 2014		97,865,278
Balance at Dec. 31, 2014	$ 1,395,921	$ 979	$ 864,313	$ (132,480)	$ 699,505	$ (36,961)	$ 1,395,356	$ 565
Shares held in treasury (in shares) at Dec. 31, 2014				(8,108,983)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		157,577
Restricted stock issuance, net of forfeitures	(874)	$ 1	(875)				(874)
Stock based compensation expense	21,675		21,675				21,675
Exercised stock options (in shares)		419,363
Exercised stock options	3,622	$ 4	3,618				3,622
Issuance of performance shares (in shares)		17,282
Issuance of performance shares	(22)		(22)				(22)
Shares issued in employee stock purchase plan (in shares)		146,402
Shares issued in employee stock purchase plan	2,549	$ 2	2,547				2,549
Treasury stock (in shares)				36,819
Treasury stock	838			$ 838			838
Excess tax benefits	(8)		(8)				(8)
Change in pension liability	46					46	46
Currency translation adjustment	(45,270)					(45,133)	(45,133)	(137)
Net loss	(119,384)				(119,353)		(119,353)	(31)
Balance (in shares) at Dec. 31, 2015		98,605,902.000
Balance at Dec. 31, 2015	1,257,417	$ 986	891,248	$ (133,318)	580,152	(82,048)	1,257,020	397
Shares held in treasury (in shares) at Dec. 31, 2015				(8,145,802)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		670,769
Restricted stock issuance, net of forfeitures	(1,045)	$ 6	(1,051)				(1,045)
Stock based compensation expense	20,535		20,535				20,535
Exercised stock options (in shares)		151,335
Exercised stock options	1,712	$ 2	1,710				1,712
Issuance of performance shares (in shares)		42,443
Issuance of performance shares	(47)	$ 1	(48)				(47)
Shares issued in employee stock purchase plan (in shares)		186,679
Shares issued in employee stock purchase plan	1,978	$ 2	1,976				1,978
Treasury stock (in shares)				29,161
Treasury stock	623			$ 623			623
Equity offering (in shares)		4,025,000
Shares issued for acquisition	85,078	$ 40	85,038				85,078
Excess tax benefits	(1,239)		(1,239)				(1,239)
Change in pension liability	(335)					(335)	(335)
Currency translation adjustment	(45,722)					(45,854)	(45,854)	132
Net loss	(81,948)				(81,978)		(81,978)	30
Balance (in shares) at Dec. 31, 2016		103,682,128.000
Balance at Dec. 31, 2016	1,235,761	$ 1,037	998,169	$ (133,941)	498,174	(128,237)	1,235,202	559
Shares held in treasury (in shares) at Dec. 31, 2016				(8,174,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures (in shares)		429,321
Restricted stock issuance, net of forfeitures	(3,149)	$ 3	(3,152)				(3,149)
Stock based compensation expense	$ 20,310		20,310				20,310
Exercised stock options (in shares)	161,000	161,233
Exercised stock options	$ 1,491	$ 2	1,489				1,491
Issuance of performance shares (in shares)		250,643
Issuance of performance shares	(1,241)	$ 3	(1,244)				(1,241)
Shares issued in employee stock purchase plan (in shares)		135,882
Shares issued in employee stock purchase plan	1,913	$ 1	1,912				1,913
Treasury stock (in shares)				15,399
Treasury stock	352			$ 352			352
Equity offering (in shares)		11,684,449
Shares issued for acquisition	177,972	$ 117	177,855				177,972
Sale of non-controlling interest	(559)							(559)
Change in pension liability	107					107	107
Currency translation adjustment	36,163					36,163	36,163	0
Net loss	(59,400)				(59,400)		(59,400)	0
Balance (in shares) at Dec. 31, 2017		116,343,656.000
Balance at Dec. 31, 2017	$ 1,409,016	$ 1,163	$ 1,195,339	$ (134,293)	$ 438,774	$ (91,967)	$ 1,409,016	$ 0
Shares held in treasury (in shares) at Dec. 31, 2017				(8,190,362)

Nature of operations	12 Months Ended
Nature of operations	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of Operations Forum Energy Technologies, Inc. (the “Company”), a Delaware corporation, is a global oilfield products company, serving the drilling, subsea, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services that complement the Company’s product offering.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of significant accounting policies

Summary of Significant Accounting Policies

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Principles of consolidation

The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions. Noncontrolling interest principally represents ownership by others of the equity in our consolidated majority owned South African subsidiary. In the first quarter of 2017, we sold our South African subsidiary.

The Company’s investments in operating entities where the Company has the ability to exert significant influence, but does not control operating and financial policies, are accounted for using the equity method of accounting with the Company’s share of the net income reported in “Earnings from equity investment” in the consolidated statements of comprehensive income (loss) and the investments reported in “Investment in unconsolidated subsidiary” in the consolidated balance sheets. The Company reports its share of equity earnings within operating income as the operations of investees are similar in nature to the operations of the Company.

Prior to acquiring the remaining membership interest of Global Tubing, LLC (“Global Tubing”) on October 2, 2017, the Company’s investment was accounted for using the equity method of accounting. Refer to Note 4 Acquisitions for further discussion on the acquisition of the remaining shares of Global Tubing, LLC.

On January 3, 2018, the Company contributed Forum Subsea Rentals (“FSR”) into Ashtead Technology, a competing business, in exchange for a 40% interest in the combined business. After the merger, our interest in the combined business will be accounted for using the equity method of accounting. Refer to Note 19 Subsequent Event for further discussion.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, costs to complete contracts, an assessment of percentage of completion of projects, the selection of useful lives of tangible and intangible assets, fair value of reporting units used for goodwill impairment testing, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates.

The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. Recognized revenues and income are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the balance sheet date, but before issuance of the consolidated financial statements is reflected in the consolidated financial statements.

Cash and cash equivalents

Cash and cash equivalents consist of cash on deposit and high quality, short term money market instruments with an original maturity of three months or less. Cash equivalents are stated at cost plus accrued interest, which approximates fair value.

Accounts receivable-trade

Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of its customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. The Company writes off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written off are credited to bad debt expense.

The change in amounts of the allowance for doubtful accounts during the three year period ended December 31, 2017 is as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	5,646	$	4,358	$	(1,885	)	$	8,119
December 31, 2016	8,119		485		(5,273		)	3,331
December 31, 2017	3,331		2,903		(439		)	5,795

Inventories

Inventory consisting of finished goods and materials and supplies held for resale is carried at the lower of cost or net realizable value. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined using standard cost which approximates a first-in first-out basis. For other operations, this cost is determined on an average cost, first-in first-out or specific identification basis. Net realizable value means estimated selling price in the ordinary business, less reasonably predictable cost of completion, disposal, and transportation. The Company continuously evaluates inventories based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. Adjustments to reduce such inventory to its net realizable value have been recorded by management.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Capital leases of property and equipment are stated at the present value of minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally three to thirty years. Property and equipment held under capital leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income with the related asset cost and accumulated depreciation removed from the balance sheet. Assets acquired in connection with business combinations are recorded at fair value.

Rental equipment consists of equipment leased to customers under operating leases. Rental equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of three to ten years.

The Company reviews long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization. For the year ended December 31, 2016, the Company recorded an impairment loss of $4.3 million related to an operation in South Africa and one of the Company’s Texas facilities. For the years ended December 31, 2017 and 2015, no significant impairments were recorded.

The Company records the fair value of asset retirement obligations as a liability in the period in which the associated legal obligation is incurred. The fair value of the obligation is recorded as a liability and capitalized as part of the related asset. Over time, the liability is accreted to its future value and the capitalized cost is depreciated over the estimated useful life of the related asset. The current portion of the liability is included in other accrued liabilities and non-current portion is included in other long-term liabilities on the consolidated balance sheets.

Goodwill and intangible assets

For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. The Company completes its annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of October 1. Goodwill is reviewed for impairment by comparing the carrying value of each of our reporting unit’s net assets (including allocated goodwill) to the fair value of the reporting unit. The fair value of the reporting units is determined using a discounted cash flow approach. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating margins, weighted average costs of capital, a terminal growth rate, and future market conditions, among others. The Company believes that the estimates and assumptions used in impairment assessments are reasonable. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds the reporting units’ fair value. Any impairment losses are reflected in operating income.

In the second quarter of 2017, there was a decline in oil prices and a developing consensus view that production from lower cost oil basins would be sufficient to meet anticipated demand for a longer period, delaying the need for production from higher cost basins. With this indication of further delays in the recovery of the offshore market, the Company performed an impairment test and determined that the carrying value of the goodwill in our Subsea reporting unit was impaired. The Company recorded an impairment charge of $68.0 million in the quarter ended June 30, 2017. Following the impairment charge, the Subsea reporting unit has no remaining goodwill balance.

At October 1, 2017, the Company performed the annual impairment test on each of its reporting units and concluded that there had been no impairment because the estimated fair value of each reporting unit exceeded its carrying value. As such, no further goodwill impairment losses were recorded in 2017. There was no indication an impairment may have occurred in the other reporting units.

No goodwill impairment losses were recorded for the year ended December 31, 2016.

For the year ended December 31, 2015, due to deterioration of market conditions for our products, the Company performed an impairment test on all reporting units. The Company identified and recorded an impairment charge of $123.2 million for its Subsea reporting unit for the year ended December 31, 2015.

Intangible assets with definite lives comprised of customer and distributor relationships, trade names, non-compete agreements, and patents and technology are amortized on a straight-line basis over the life of the intangible asset, generally three to seventeen years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In 2017, impairment losses totaling $1.1 million were recorded on certain intangible assets within the Subsea and Downhole reporting units related to management’s decision to abandon specific product lines. No impairments to intangible assets were recorded in 2016. In 2015, $1.9 million of intangible assets were written off related to trade names no longer in use. Refer to Note 8 Goodwill and Intangible Assets for further discussion.

Recognition of provisions for contingencies

In the ordinary course of business, the Company is subject to various claims, suits and complaints. The Company, in consultation with internal and external advisors, will provide for a contingent loss in the consolidated financial statements if it is probable that a liability has been incurred as of the date of the consolidated financial statements and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within that range, a provision will be made for the lowest amount of the range. Legal costs are expensed as incurred.

An assessment is made of the areas where potential claims may arise under contract warranty clauses. Where a specific risk is identified, and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in other accrued liabilities on the consolidated balance sheets.

Changes in the Company’s warranty liability were as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	5,314	$	5,539	$	(5,156	)	$	5,697
December 31, 2016	5,697		4,031		(6,504		)	3,224
December 31, 2017	3,224		3,172		(2,776		)	3,620

Revenue recognition and deferred revenue

Revenue is recognized when all of the following criteria have been met: (a) persuasive evidence of an arrangement exists, (b) delivery of the equipment has occurred or services have been rendered, (c) the price of the product or service is fixed and determinable and (d) collectability is reasonably assured. Revenue from product sales, including shipping costs, is recognized as title passes to the customer, which generally occurs when items are shipped from the Company’s facilities. Revenue from services is recognized when the service is completed to the customer’s specifications.

Customers are sometimes billed in advance of services performed or products manufactured, and the Company recognizes the associated liability as deferred revenue.

Revenue generated from long-term contracts, typically longer than six months in duration, is recognized using the percentage-of-completion method of accounting. The Company recognizes revenue and cost of goods sold each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. The percentage-of-completion is calculated based on the ratio of costs incurred to-date to total estimated costs, taking into account the level of completion. The percentage-of-completion method requires management to calculate reasonably dependable estimates of progress toward completion of contract revenues and contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period.

Accounting estimates during the course of the project may change, primarily related to our remotely operated vehicles (“ROVs”), which may take longer to manufacture. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis.

On a contract by contract basis, cost and profit in excess of billings represents the cumulative revenue recognized less the cumulative billings to the customer. Similarly, billings in excess of costs and profits represent the cumulative billings to the customer less the cumulative revenue recognized.

Revenue from the rental of equipment or providing of services is recognized over the period when the asset is rented or services are rendered and collectability is reasonably assured. Rates for asset rental and service provision are priced on a per day, per man hour, or similar basis.

Concentration of credit risk

Financial instruments which potentially subject the Company to credit risk include trade accounts receivable. Trade accounts receivable consist of uncollateralized receivables from domestic and international customers. For the years ended December 31, 2017, 2016 and 2015, no one customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period.

Share-based compensation

The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions.

The fair value of share-based compensation awards with market conditions is measured using a Monte Carlo Simulation model and in accordance with Accounting Standards Codification (“ASC”) 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. The following sections address the assumptions used related to the Black-Scholes option pricing model:

Expected life

The expected term of stock options represents the period the stock options are expected to remain outstanding and is based on the simplified method, which is the weighted average vesting term plus the original contractual term divided by two. The Company uses the simplified method due to a lack of sufficient historical share option exercise experience upon which to estimate an expected term.

Expected volatility

Expected volatility measures the amount that a stock price has fluctuated or is expected to fluctuate during a period and is estimated based on a weighted average of the Company’s historical stock price.

Dividend yield

The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. Therefore, a zero expected dividend yield was used in the valuation model.

Risk-free interest rate

The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected life of the options.

Forfeitures

The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that are expected to vest. If the Company’s actual forfeiture rate is materially different from its estimate, the stock-based compensation expense could be different from what the Company has recorded in the current period. Historically, estimated forfeitures have been in line with actual forfeitures.

Income taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of the Company’s assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. The Company records a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized.

On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (“U.S. tax reform”) which significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. As a result of the enactment of U.S. tax reform, we recognized $10.1 million of discrete tax expense in the fourth quarter of 2017. Refer to Note 10 Income Taxes for further discussion.

Accounting guidance for income taxes requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the “more likely than not” recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement.

Earnings per share

Basic earnings per share for all periods presented equals net income (loss) divided by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period as adjusted for the dilutive effect of the Company’s stock options and restricted share plans. The exercise price of each option is based on the Company’s stock price at the date of grant.

The following is a reconciliation of the number of shares used for the basic and diluted earnings per share computations (shares in thousands):



	December 31,
	2017	2016	2015
Basic weighted average shares outstanding	98,689	91,226	89,908
Dilutive effect of stock options and restricted share plans	—	—	—
Diluted weighted average shares outstanding	98,689	91,226	89,908

For all periods presented, we excluded all potentially dilutive stock options and restricted shares in calculating diluted earnings per share as the effect was anti-dilutive due to the net losses incurred for these periods.

Non-U.S. local currency translation

The Company operates globally and its primary functional currency is the U.S. dollar. The majority of the Company’s non-U.S. operations have designated the local currency as the functional currency. Financial statements of these non-U.S. operations where the functional currency is not the U.S. dollar are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated into U.S. dollars at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of monetary assets and liabilities denominated in a currency other than the local entity’s functional currency are included in the consolidated statements of operations as incurred.

Noncontrolling interest

Noncontrolling interests are classified as equity in the consolidated balance sheets. Net earnings include the net earnings for both controlling and noncontrolling interests, with disclosure of both amounts in the consolidated statements of comprehensive income (loss).

Fair value

The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as the Company’s debt related to the credit facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index.

For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels:


•	Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;


•	Level 2 - inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and


•	Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management.

The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which are adopted by the Company as of the specified effective date.

In September 2017, the FASB issued Accounting Standard Updates (“ASU”) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. This ASU codifies the text of the SEC announcement, as it relates to revenue recognition and leases. The ASU also rescinds certain codified SEC announcements and comments that are no longer applicable upon adoption of ASU No. 2014-09 and ASU No. 2016-02. The recent accounting pronouncements related to revenue and leases are discussed later in this footnote.

In May 2017, the FASB issued ASU No. 2017-09 Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share based payment award as a modification. Under the new ASU, an entity should apply modification accounting unless the fair value, the vesting conditions, and the classification of the award as equity or liability of the modified award all remain the same as the original award. The ASU should be adopted prospectively for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. This guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU No. 2017-04 Intangibles- Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test where the implied fair value of goodwill needs to be determined and compared to the carrying amount of that goodwill to measure the impairment loss. The Company is required to adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted this standard in the first quarter of 2017. During the second quarter of 2017, the Company applied this new ASU to perform the goodwill impairment analysis. Refer to Note 8 Goodwill and Intangible Assets for further discussion.

In January 2017, the FASB issued ASU No. 2017-01 Business Combination (Topic 805) - Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance will be effective for annual periods beginning after December 15, 2017, including interim periods within those periods, and is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230) - Restricted Cash a consensus of the FASB Emerging Issues Task Force. This new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those annual reporting periods, and should be applied using a retrospective transition method to each period presented. This guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In October 2016, the FASB issued ASU No. 2016-16 Income Tax (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This new guidance eliminates this exception and requires the income tax consequences of an intra-entity transfer of an asset other than inventory be recognized when the transfer occurs. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings on January 1, 2018. The ASU is not expected to have a material impact on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15 Cash Flow Statement (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. This new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice, including: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The only issue currently relevant to the Company is distributions received from equity method investees, where the new guidance allows an accounting policy election between the cumulative earnings approach and the nature of the distribution approach. The Company will continue to use the cumulative earnings approach, therefore the guidance is not expected to have a material impact on the Company’s consolidated financial statements. ASU 2016-15 is required to be applied retrospectively and is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. This new guidance includes provisions intended to simplify how share-based payments are accounted for and presented in the financial statements. The Company applied the update prospectively beginning January 1, 2017. This guidance did not have a material impact on the Company’s Consolidated Financial Statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. Under this new guidance, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of greater than twelve months. The standard will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this guidance.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. Entities must apply a five-step process to (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 also mandates disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The disclosure requirements include qualitative and quantitative information about contracts with customers, significant judgments, and assets recognized from the costs to obtain or fulfill a contract. The guidance permits the entity to use either a full retrospective or modified retrospective transition method. The FASB issued several subsequent updates in 2015 through 2017 containing implementation guidance related to the new standard. These standards provide additional guidance related to principal versus agent considerations, licensing, and identifying performance obligations. Additionally, these standards provide narrow-scope improvements and practical expedients as well as technical corrections and improvements.

The Company has evaluated the impact of the adoption of the revised guidance. The status of implementation is as follows:


•	The Company established an implementation team, which provided internal training and reviewed contracts subject to the new revenue standard.


•	The implementation team reviewed contracts for the areas identified during the impact assessment and identified the impacts on the Company’s financial statements and related disclosures.


•	The implementation team has established new processes and controls in anticipation of adopting the new guidance.

Overall, the new guidance is effective for the fiscal year beginning after December 15, 2017. The Company adopted this new standard on January 1, 2018 using the modified retrospective method which applies the new revenue standard only to contracts that were not completed as of the adoption date. The Company has concluded that the adoption of this ASU does not have a material impact on its consolidated financial statements.

Cash and cash equivalents Cash and cash equivalents	12 Months Ended
Cash and cash equivalents Cash and cash equivalents	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	Cash and Cash Equivalents Cash and cash equivalents at December 31, 2017 are comprised of bank deposits and short-term investments with an original maturity of three months or less, such as money market funds, the fair value of which is based on quoted market prices, a Level 1 fair value measure.

Acquisitions

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions

2017 Acquisitions

On January 9, 2017, the Company acquired substantially all of the assets of Cooper Valves, LLC as well as 100% of the general partnership interests of Innovative Valve Components (collectively, “Cooper”) for total aggregate consideration of $14.0 million, after settlement of working capital adjustments. The aggregate consideration includes the issuance of stock valued at $4.5 million and certain contingent cash payments. These acquisitions are included in the Production & Infrastructure segment. The acquired Cooper brands include the Accuseal^® metal seated ball valves engineered to meet Class VI shut off standards for use in severe service applications, as well as a full line of Cooper Alloy^® cast and forged gate, globe, and check valves. Innovative Valve Components, in partnership with Cooper Valves, commercialized critical service valves and components for the power generation, mining and oil and natural gas industries. The fair values of the assets acquired and liabilities assumed have not been presented because they are not material to the consolidated financial statements. Pro forma results of operations for this acquisition have not been presented because the effects were not material to the consolidated financial statements.

On July 3, 2017, the Company acquired Multilift Welltec, LLC and Multilift Wellbore Technology Limited (collectively, “Multilift”) for approximately $39.2 million in cash consideration. These acquisitions are included in the Completions segment. Based in Houston, Texas, Multilift manufactures the patented SandGuard^TM and the Cyclone^TM completion tools. This acquisition increases our product offering related to artificial lift for our completions customers. We intend to utilize our distribution system to increase Multilift’s sales with additional customers and through geographic expansion. Pro forma results of operations for this acquisition have not been presented because the effects were not material to the consolidated financial statements. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Current assets, net of cash acquired	$	3,763
Property and equipment	96
Intangible assets (primarily developed technologies and customer relationships)	17,090
Tax-deductible goodwill	16,472
Non-tax deductible goodwill	3,099
Current liabilities	(1,329		)
Net assets acquired	$	39,191

On October 2, 2017, we acquired all of the remaining ownership interests of Global Tubing, LLC (“Global Tubing”) from our joint venture partner and management for total consideration of approximately $290.3 million. We originally invested in Global Tubing with a joint venture partner in 2013. Prior to acquiring the remaining ownership interest in Global Tubing, we reported this investment using the equity method of accounting. The financial results for Global Tubing are reported in the Completions segment. Located in Dayton, Texas, Global Tubing provides coiled tubing, coiled line pipe and related services to customers worldwide. We believe that this strategic acquisition will further enhance our focus and strategy of expansion in the North American completions market.

The acquisition of Global Tubing contributed revenues of $35.5 million and net income of $3.8 million to our consolidated statement of comprehensive income (loss) from the time of acquisition to December 31, 2017. The following unaudited pro forma summary presents consolidated information as if the Global Tubing acquisition had occurred on January 1, 2016:



	Pro Forma Year Ended December 31,
	2017			2016
Net sales	$	901,856		$	659,108
Net loss attributable to common stockholders	(125,204		)	(101,173		)

The pro forma consolidated results of operations amounts have been calculated after applying our accounting policies, and include the following adjustments:


•	An increase in depreciation and amortization expense resulting from the fair value adjustments of property, plant and equipment and intangible assets recognized as part of the Global Tubing Acquisition;


•	Removal of earnings from equity investment;


•	In 2017, we incurred $4.5 million of acquisition-related costs in connection with this transaction. These expenses are included in transaction expenses on our consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 and are reflected in pro forma earnings for the year ended December 31, 2016 in the table above;


•	An increase in stock based compensation costs as a result of the full vesting of pre-acquisition management incentive units and granting of additional restricted stock units to Global Tubing management;


•	Adjusted interest expense to remove the historical interest expense from Global Tubing’s historical debt and include interest expense from the amount borrowed on our revolving credit facility to finance the acquisition; and


•	As a result of acquiring the remaining equity interest of Global Tubing, the Company’s previously held equity interest was remeasured to fair value, resulting in a gain of approximately $120.4 million. This gain has been recognized in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2017 and is excluded from the pro forma results above; and


•	Estimated tax benefits of approximately $45 million and $12 million in 2017 and 2016, respectively, to tax-effect the aforementioned pro forma adjustments using an estimated U.S. federal income tax rate of 35%.

The pro forma amounts do not include any potential synergies, cost savings or other expected benefits of the acquisition, and are presented for illustrative purposes only and are not necessarily indicative of results that would have been achieved if the acquisition had occurred as of January 1, 2016 or of future operating performance.

The following table summarizes the consideration transferred to acquire the remaining ownership interests of Global Tubing (in thousands other than stock price and shares issued):



	Purchase Consideration
Forum Energy Technologies' closing stock price on October 2, 2017	$	15.10
Multiplied by number of shares issued for acquisition	11,488,208
Common shares	$	173,472
Cash	31,764
Repayment of Global Tubing debt at acquisition	85,084
Total Consideration paid for the acquisition	$	290,320

As the value of certain assets and liabilities are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date, including any post-closing purchase price adjustments. When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill. The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Accounts Receivable	$	28,044
Inventory	40,005
Other current assets	3,141
Property and equipment	51,585
Intangible assets (primarily developed technologies and customer relationships)	228,190
Tax-deductible goodwill	69,423
Non-tax deductible goodwill	64,491
Current liabilities	(16,005		)
Long term liabilities	$	(54	)
Total net assets	$	468,820
Fair value of equity method investment previously held	(178,500		)
Net assets acquired	$	290,320

The goodwill is attributable to the workforce of the acquired business and synergies expected to arise following the acquisition of the remaining ownership interests of Global Tubing. The goodwill associated with the previously owned equity interests is not deductible for tax purposes. All of the goodwill was assigned to the Company’s Completions segment.

2016 Acquisition

In April 2016, the Company completed the acquisition of the wholesale completion packers business of Team Oil Tools, Inc. The acquisition includes a wide variety of completion and service tools, including retrievable and permanent packers, bridge plugs and accessories which are sold to oilfield service providers, packer repair companies and distributors on a global basis. This acquisition is included in the Completions segment. The fair values of the assets acquired and liabilities assumed have not been presented because they are not material to the consolidated financial statements. Pro forma results of operations for the 2016 acquisition have not been presented because the effects were not material to the consolidated financial statements.

2015 Acquisition

In February 2015, the Company completed the acquisition of J-Mac Tool, Inc. (“J-Mac”) for aggregate consideration of approximately $61.9 million. J-Mac is a Fort Worth, Texas based manufacturer of high quality hydraulic fracturing pumps, power ends, fluid ends and other pump accessories. J-Mac is included in the Completions segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Current assets, net of cash acquired	$	36,174
Property and equipment	11,506
Intangible assets (primarily customer relationships)	10,400
Tax-deductible goodwill	13,977
Current liabilities	(10,129		)
Long term liabilities	(22		)
Net assets acquired	$	61,906

Revenue and net income related to the 2015 acquisition were not significant for the year ended December 31, 2015. Pro forma results of operations for the 2015 acquisition have not been presented because the effects were not material to the consolidated financial statements.

Investment in unconsolidated subsidiary

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investment in unconsolidated subsidiary

Investment in Unconsolidated Subsidiary

Prior to the Company’s acquisition of the remaining membership interests in Global Tubing from its joint venture partner and management in October 2017, the Company’s investment was accounted for using the equity method of accounting and reported in the Completions segment. Refer to Note 4 Acquisitions for further details on the acquisition. As Global Tubing’s products are complementary to the Company’s well intervention and stimulation products and the investment’s business is integral to the Company’s operations, the earnings from the equity method investment were included within operating income (loss). The operating results for the year ended December 31, 2017 included the financial results of Global Tubing prior to the acquisition completed in the fourth quarter of 2017 which were reported in earnings from equity investment on the consolidated statement of comprehensive income (loss).

Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows:



	December 31, 2017		December 31, 2016
Current assets	$	—	$	48,194
Long-term assets	—		142,682
Current liabilities	—		11,918
Long-term liabilities	—		80,500



	Year ended December 31,
	2017		2016		2015
Net revenues	$	83,236	$	71,473	$	103,532
Gross profit	54,019		16,899		45,333
Net income	2,130		3,795		30,888
The Company’s earnings from equity investment	1,000		1,824		14,824

In January 2017, the Company contributed $1.0 million to Global Tubing.

Inventories

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories

The Company’s significant components of inventory at December 31, 2017 and 2016 were as follows (in thousands):



	December 31, 2017			December 31, 2016
Raw materials and parts	$	160,093		$	106,329
Work in process	51,941			23,303
Finished goods	305,461			277,303
Gross inventories	517,495			406,935
Inventory reserve	(74,318		)	(68,352		)
Inventories	$	443,177		$	338,583

The change in the amounts of the inventory reserve during the three year period ended December 31, 2017 is as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	29,456	$	51,917	$	(3,485	)	$	77,888
December 31, 2016	77,888		25,537		(35,073		)	$	68,352
December 31, 2017	68,352		14,620		(8,654		)	$	74,318

Property and equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and equipment

Property and Equipment

Property and equipment consists of the following (in thousands):



	Estimated useful lives	December 31,
	Estimated useful lives	2017			2016
Land		$	12,408		$	10,157
Buildings and leasehold improvements	5-30	90,909			75,947
Computer equipment	3-5	42,074			42,248
Machinery & equipment	5-10	169,203			131,860
Furniture & fixtures	3-10	6,338			5,626
Vehicles	3-5	8,048			8,660
Construction in progress		14,589			4,545
		343,569			279,043
Less: accumulated depreciation		(160,787		)	(143,677		)
Property & equipment, net		182,782			135,366

Rental equipment	3-10	70,679			69,475
Less: accumulated depreciation		(56,180		)	(52,629		)
Rental equipment, net		14,499			16,846

Total property & equipment, net		$	197,281		$	152,212

Depreciation expense was $34.4 million, $35.6 million and $38.4 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Goodwill and intangible assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):



	Drilling & Subsea						Completions				Production & Infrastructure				Total
	2017			2016			2017		2016		2017		2016		2017			2016
Goodwill Balance at January 1, net	$	307,806		$	324,995		$	327,293	$	326,514	$	17,644	$	17,527	$	652,743		$	669,036
Acquisitions, net of dispositions	—			—			153,485		—		1,595		—		155,080			—
Impairment	(68,004		)	—			—		—		—		—		(68,004		)	—
Impact of non-U.S. local currency translation	11,652			(17,189		)	3,567		779		207		117		15,426			(16,293		)
Goodwill Balance at December 31, net	$	251,454		$	307,806		$	484,345	$	327,293	$	19,446	$	17,644	$	755,245		$	652,743

The Company performs its annual impairment tests of goodwill as of October 1 or when there is an indication an

impairment may have occurred.

At October 1, 2017, the Company performed its annual impairment test on each of the reporting units and concluded that there had been no impairment because the estimated fair values of each of those reporting units exceeded its carrying value. Relevant events and circumstances which could have a negative impact on goodwill include: macroeconomic conditions; industry and market conditions, such as commodity prices; operating cost factors; overall financial performance; the impact of dispositions and acquisitions; and other entity-specific events. Declines in commodity prices or a sustained decrease in valuation of the Company’s common stock could indicate a reduction in the estimate of reporting unit fair value which, in turn, could lead to an impairment of reporting unit goodwill.

In the second quarter of 2017, there was a decline in oil prices and a developing consensus view that production from lower cost oil basins would be sufficient to meet anticipated demand for a longer period, delaying the need for production from higher cost basins. With this indication of further delays in the recovery of the offshore market, the Company performed an impairment test and determined that the carrying value of the goodwill in our Subsea reporting unit was impaired. The Company recorded an impairment charge of $68.0 million in the second quarter of 2017. Following the impairment charge, the Subsea reporting unit has no remaining goodwill balance. There was no indication an impairment may have occurred in the other reporting units.

There was no impairment of goodwill during the year ended December 31, 2016.

The fair values used in the impairment analysis were determined using the net present value of the expected future cash flows for each reporting unit. During the Company’s goodwill impairment analysis, the Company determines the fair value of each of its reporting units using a discounted cash flow analysis, which requires significant assumptions and estimates about the future operations of each reporting unit. The assumptions about future cash flows and growth rates are based on our current budget, strategic plans and management’s beliefs about future activity levels. The discount rate we used for future periods could change substantially if the cost of debt or equity were to significantly increase or decrease, or if we were to choose different comparable companies in determining the appropriate discount rate for our reporting units. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates. Accumulated impairment losses on goodwill were $236.8 million, $168.8 million and $168.8 million as of December 31, 2017, 2016, and 2015, respectively.

Intangible assets

At December 31, 2017 and 2016, intangible assets consisted of the following, respectively (in thousands):



	December 31, 2017
	Gross carrying amount		Accumulated amortization			Net intangibles		Amortization period (in years)
Customer relationships	$	428,544	$	(138,566	)	$	289,978	4-15
Patents and technology	110,910		(16,733		)	94,177		5-17
Non-compete agreements	6,625		(6,041		)	584		3-6
Trade names	64,359		(22,090		)	42,269		10-15
Distributor relationships	22,160		(16,338		)	5,822		8-15
Trademark	10,319		(85		)	10,234		15 - Indefinite
Intangible Assets Total	$	642,917	$	(199,853	)	$	443,064



	December 31, 2016
	Gross carrying amount		Accumulated amortization			Net intangibles		Amortization period (in years)
Customer relationships	$	270,586	$	(115,381	)	$	155,205	4-15
Patents and technology	33,936		(12,225		)	21,711		5-17
Non-compete agreements	6,230		(5,594		)	636		3-6
Trade names	44,494		(17,944		)	26,550		10-15
Distributor relationships	22,160		(15,074		)	7,086		8-15
Trademark	5,230		—			5,230		Indefinite
Intangible Assets Total	$	382,636	$	(166,218	)	$	216,418

Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In 2017, impairment losses totaling $1.1 million were recorded on certain intangible assets within the Subsea and Downhole reporting units related to management’s decision to abandon specific product lines. No indicators of intangible asset impairment occurred during 2016. In 2015, an impairment loss of $1.9 million was recorded related to trade names that were no longer in use within the Drilling & Subsea segment. Impairment charges are included in “Goodwill and intangible asset impairments” in the consolidated statement of comprehensive income (loss).

Amortization expense was $30.7 million, $26.1 million and $27.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. The total weighted average amortization period is 14 years and the estimated future amortization expense for the next five years is as follows (in thousands):



Year ending December 31,
2018	$	44,163
2019	43,976
2020	41,809
2021	41,244
2022	37,127

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit as of December 31, 2017 and 2016 consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
6.25% Senior notes due October 2021	$	400,000		$	400,000
Unamortized debt premium	1,583			1,989
Debt issuance cost	(4,222		)	(5,324		)
Senior secured revolving credit facility	108,446			—
Other debt	2,099			206
Total debt	507,906			396,871
Less: current maturities	(1,156		)	(124		)
Long-term debt	$	506,750		$	396,747

Senior Notes Due 2021

In October 2013, we issued $300.0 million of 6.25% senior unsecured notes due 2021 at par, and in November 2013, we issued an additional $100.0 million aggregate principal amount of the notes at a price of 103.25% of par, plus accrued interest from October 2, 2013 (the “Senior Notes”). The Senior Notes bear interest at a rate of 6.25% per annum, payable on April 1 and October 1 of each year, and mature on October 1, 2021. Net proceeds from the issuance of approximately $394.0 million, after deducting initial purchasers’ discounts and offering expenses and excluding accrued interest paid by the purchasers, were used for the repayment of the then-outstanding term loan balance and a portion of the revolving credit facility balance.

The terms of the Senior Notes are governed by the indenture, dated October 2, 2013 (the “Indenture”), by and among us, the guarantors named therein and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Senior Notes are senior unsecured obligations, and are guaranteed on a senior unsecured basis by our subsidiaries that guarantee the credit facility and rank junior to, among other indebtedness, the credit facility to the extent of the value of the collateral securing the credit facility. The Senior Notes contain customary covenants including some limitations and restrictions on our ability to pay dividends on, purchase or redeem our common stock or purchase or redeem our subordinated debt; make certain investments; incur or guarantee additional indebtedness or issue certain types of equity securities; create certain liens, sell assets, including equity interests in our restricted subsidiaries; redeem or prepay subordinated debt; restrict dividends or other payments of our restricted subsidiaries; consolidate, merge or transfer all or substantially all of our assets; engage in transactions with affiliates; and create unrestricted subsidiaries. Many of these restrictions will terminate if the Senior Notes become rated investment grade. The Indenture also contains customary events of default, including nonpayment, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness, failure to pay certain judgments and certain events of bankruptcy and insolvency. We are required to offer to repurchase the Senior Notes in connection with specified change in control events or with excess proceeds of asset sales not applied for permitted purposes.

We may redeem the Senior Notes due 2021:


•	at a redemption price of 103.125% of their principal amount plus accrued and unpaid interest and additional interest, if any, for the twelve-month period beginning October 1, 2017; then


•	at a redemption price of 101.563% of their principal amount plus accrued and unpaid interest and additional interest, if any, for the twelve-month period beginning October 1, 2018; and then


•	at a redemption price of 100.000% of their principal amount plus accrued interest and unpaid interest and additional interest, if any, beginning on October 1, 2019.

Credit Facility

On October 30, 2017, we amended and restated our existing credit facility with Wells Fargo Bank, National Association, as administrative agent (in such capacity, “Wells Fargo”), and several financial institutions as lenders (such amended and restated credit facility, the “2017 Credit Facility”) to, among other things, increase revolving credit commitments from $140.0 million to $300.0 million (with a sublimit of up to $25.0 million available for the issuance of letters of credit for the account of the Company and certain of our domestic subsidiaries) (the “U.S. Line”), of which up to $30.0 million million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $3.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Lender commitments under the 2017 Credit Facility, subject to certain limitations, may be increased by an additional $100.0 million. The 2017 Credit Facility matures in July 2021, but if our outstanding Notes due October 2021 are refinanced or replaced with indebtedness maturing in or after February 2023, the final maturity of the 2017 Credit Facility will automatically extend to October 2022.

Availability under the 2017 Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Our borrowing capacity under the 2017 Credit Facility could be reduced or eliminated, depending on future receivables and fluctuations in our inventory. As of December 31, 2017, our total borrowing base was $299.4 million, of which $108.4 million was drawn and $7.0 million was used for security of outstanding letters of,resulting in remaining availability of $184.0 million.

Borrowings under the U.S. Line bear interest at a rate equal to, at our option, either (a) the LIBOR rate or (b) a base rate determined by reference to the highest of (i) the rate of interest per annum determined from time to time by Wells Fargo as its prime rate in effect at its principal office in San Francisco, (ii) the federal funds rate plus 0.50% per annum and (iii) the one-month adjusted LIBOR plus 1.00% per annum, in each case plus an applicable margin. Borrowings under the Canadian Line bear interest at a rate equal to, at Forum Canada’s option, either (a) the CDOR rate or (b) a base rate determined by reference to the highest of (i) the prime rate for Canadian dollar commercial loans made in Canada as reported from time to time by Thomson Reuters and (ii) the CDOR rate plus 1.00%, in each case plus an applicable margin. The applicable margin for LIBOR and CDOR loans will initially range from 1.75% to 2.25%, depending upon average excess availability under the 2017 Credit Facility. After the first quarter ending on or after March 31, 2018 in which our total leverage ratio is less than or equal to 4.00:1.00, the applicable margin for LIBOR and CDOR loans will range from 1.50% to 2.00%, depending upon average excess availability under the 2017 Credit Facility. The weighted average interest rate under the 2017 Credit Facility was approximately 3.56% in the fourth quarter 2017.

The 2017 Credit Facility also provides for a commitment fee in the amount of (a) 0.375% per annum on the unused portion of commitments if average usage of the 2017 Credit Facility is greater than 50% and (b) 0.50% per annum on the unused portion of commitments if average usage of the 2017 Credit Facility is less than or equal to 50%. After the first quarter ending on or after March 31, 2018 in which our total leverage ratio is less than or equal to 4.00:1.00, the commitment fees will range from 0.25% to 0.375%, depending upon average usage of the 2017 Credit Facility.

If excess availability under the 2017 Credit Facility falls below the greater of 10.0% of the borrowing base and $20.0 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the 2017 Credit Facility exceeds such thresholds for at least 60 consecutive days.

Other debt

Other debt consists primarily of various capital leases of equipment.

Deferred loan costs

The Company has incurred loan costs that have been capitalized and are amortized to interest expense over the term of the Senior Notes and the Amended Credit Facility. As a result, approximately $1.7 million, $1.9 million and $2.6 million were amortized to interest expense for the years ended December 31, 2017, 2016 and 2015, respectively. On February 25, 2016 and December 12, 2016, the Company amended its credit facility which reduced lender commitments from $600.0 million to $140.0 million. In connection with these amendments, the Company wrote off $3.0 million of deferred financing costs related to the credit facility in 2016. In October 2017, the Company further amended and restated its existing credit facility which increased lender commitments to $300.0 million and recorded an additional $2.4 million to deferred financing costs.

Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands):



2018	$	1,156
2019	943
2020	—
2021	508,446
2022	—
Thereafter	—
Total future payment	$	510,545
Add: Unamortized debt premium	1,583
Less: Debt issuance cost	(4,222		)
Total debt	$	507,906

Income taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income taxes

Income Taxes

The components of the Company’s income before income taxes for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):



	2017			2016			2015
U.S.	$	(3,015	)	$	(155,058	)	$	(114,862	)
Non-U.S.	(52,264		)	17,059			(19,461		)
Loss before income taxes	$	(55,279	)	$	(137,999	)	$	(134,323	)

The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):



	2017			2016			2015
Current
U.S. Federal and state	$	(1,426	)	$	(38,589	)	$	43
Non-U.S.	5,398			6,956			8,264
Total current	3,972			(31,633		)	8,307
Deferred
U.S. Federal and state	6,415			(18,290		)	(19,071		)
Non-U.S.	(6,266		)	(6,128		)	(4,175		)
Total deferred	149			(24,418		)	(23,246		)
Provision for income tax expense (benefit)	$	4,121		$	(56,051	)	$	(14,939	)

The reconciliation between the actual provision for income taxes from continuing operations and that computed by applying the U.S. statutory rate to income before income taxes and noncontrolling interests are outlined below (in thousands):



	2017					2016					2015
Income tax expense at the statutory rate	$	(19,348	)	(35.0	)%	$	(48,300	)	(35.0	)%	$	(47,013	)	(35.0	)%
State taxes, net of federal tax benefit	(294		)	(0.5	)%	(1,425		)	(1.0	)%	(1,157		)	(0.9	)%
Non-U.S. operations	6,337			11.5	%	(5,791		)	(4.2	)%	6,300			4.7	%
Domestic incentives	(254		)	(0.5	)%	(170		)	(0.1	)%	(250		)	(0.2	)%
Prior year federal, non-U.S. and state tax	(1,283		)	(2.3	)%	(777		)	(0.6	)%	(518		)	(0.4	)%
Nondeductible expenses	644			1.2	%	345			0.3	%	279			0.2	%
Goodwill impairment	14,731			26.6	%	—			—	%	27,210			20.3	%
Global Tubing acquisition	(9,160		)	(16.6	)%	—			—	%	—			—	%
U.S. tax reform	10,138			18.3	%	—			—	%	—			—	%
U.K. valuation allowance	4,523			8.2	%	—			—	%	—			—	%
Other	(1,913		)	(3.4	)%	67			—	%	210			0.2	%
Provision for income tax expense (benefit)	$	4,121		7.5	%	$	(56,051	)	(40.6	)%	$	(14,939	)	(11.1	)%

Our effective tax rate was 7.5%, (40.6)%, and (11.1)% for the years ended December 31, 2017, 2016 and 2015, respectively. For the year ended December 31, 2017, we recognized the following significant items impacting our effective tax rate:


–	$10.1 million of tax expense associated with U.S. tax reform, as described below,


–	$14.7 million of tax expense associated with the impairment of non-tax deductible goodwill for our Subsea reporting unit,


–	$9.2 million reduction in tax expense associated with the gain on acquisition of the remaining 52% interest of Global Tubing,


–	a charge of $4.5 million for a valuation allowance against our net operating loss carry-forward for our U.K. operations, and


–	losses in our non-U.S. operations in which the corresponding tax benefit is applied at lower statutory rates in certain jurisdictions

On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (“U.S. Tax Reform”), a comprehensive U.S. tax reform package that, effective January 1, 2018, among other things, lowered the corporate income tax rate from 35% to 21% and moved the country towards a territorial tax system with a one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries. Under the accounting rules, companies are required to recognize the effects of changes in tax laws and tax rates on deferred tax assets and liabilities in the period in which the new legislation is enacted. The effects of U.S. Tax Reform on us include two major categories: (i) recognition of liabilities for taxes on mandatory deemed repatriation and (ii) re-measurement of deferred taxes. As described further below, we recorded a total charge of $10.1 million in the year ended December 31, 2017 related to U.S. Tax Reform. As we do not have all the necessary information to analyze all income tax effects of the new rules, this is a provisional amount which we believe represents a reasonable estimate of the accounting implications of U.S. Tax Reform. The ultimate impact of U.S. Tax Reform is subject to adjustment as further guidance is provided by the U.S. Internal Revenue Service regarding the application of the new U.S. corporate income tax laws. We expect to complete our detailed analysis no later than the fourth quarter of 2018. Below is a brief description of the two categories of effects from U.S. tax reform and their impact on us:

(1) Liability for taxes due on mandatory deemed repatriation - under the Act, a company’s non-U.S. earnings accumulated under the legacy tax laws are deemed to be repatriated into the U.S. We recorded a provisional estimate of federal and state tax related to deemed repatriation in the amount of approximately $27.7 million. While there is no cash tax component in this amount as a result of using current year losses to offset the deemed repatriation tax, should we ultimately incur a cash tax obligation, such amount will be payable over eight years. We continue to analyze the potential tax liabilities attributable to any additional repatriation. We will record the tax effects of any change in the period that we complete our analysis.

(2) Re-measurement of deferred taxes - under the Act, the U.S. corporate income tax rate was reduced from 35% to 21%. Accordingly, we re-measured our net U.S. deferred tax liabilities as of December 31, 2017 to a 21% rate, resulting in a tax benefit of $17.6 million.

The primary components of deferred taxes include (in thousands):



	2017			2016
Deferred tax assets
Reserves and accruals	$	5,932		$	6,603
Inventory	20,836			24,677
Stock awards	6,235			10,984
Net operating loss and other tax credit carryforwards	31,164			30,317
Other	1,419			982
Gross deferred tax assets	65,586			73,563
Valuation allowance	(4,523		)	—
Total deferred tax assets	61,063			73,563
Deferred tax liabilities
Property and equipment	(12,172		)	(13,593		)
Goodwill and intangible assets	(76,454		)	(73,074		)
Investment in unconsolidated subsidiary	—			(10,000		)
Unremitted non-U.S. earnings	—			(740		)
Prepaid expenses and other	(325		)	(1,490		)
Total deferred tax liabilities	(88,951		)	(98,897		)
Net deferred tax liabilities	$	(27,888	)	$	(25,334	)

At December 31, 2017, the Company had $72.3 million of U.S. net operating loss carryforwards and $5.1 million of state net operating losses. The losses will expire no later than 2036 if they are not utilized prior to that date. The Company also had $66.9 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. The Company anticipates being able to fully utilize the losses prior to their expiration in all jurisdictions except the U.K. See discussion below regarding the valuation allowance for the U.K. Where the Company has unrecognized tax benefits in jurisdictions with existing net operating losses, the Company utilizes the unrecognized tax benefits as a source of income to offset such losses.

At December 31, 2017, the Company had $5.0 million of foreign tax credit carryforwards which will generally expire no later than 2026. The Company anticipates being able to fully utilize the foreign tax credits prior to their expiration.

Goodwill from certain acquisitions is tax deductible due to the acquisition structure as an asset purchase or due to tax elections made by the Company and the respective sellers at the time of acquisition.

The Company has evaluated the use of deferred tax assets in each jurisdiction to offset future taxable income, including the reversal of taxable temporary differences, and believes that it is more likely than not that deferred tax assets at December 31, 2017 and 2016 will be utilized for all jurisdictions except the U.K. Consequently, a valuation allowance of $4.5 million has been recorded related to the U.K. deferred tax asset. No other valuation allowances have been recorded in the financial statements.

Taxes are provided as necessary with respect to non-U.S. earnings that are not permanently reinvested. For all other non-U.S. earnings, no U.S. taxes are provided because such earnings are intended to be reinvested indefinitely to finance non-U.S. activities. The determination of the amount of the unrecognized deferred tax liability for temporary differences related to investments in non-US subsidiaries is not practicable.

The Company files income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, the Company is no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2011.

The Company accounts for uncertain tax positions in accordance with guidance in FASB ASC 740, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):



Balance at January 1, 2017	$	14,220
Additional based on tax positions related to current year	1,490
Lapse of statute of limitations	(942		)
Balance at December 31, 2017	14,768

The total amount of unrecognized tax benefits at December 31, 2017 was $14.8 million, of which it is reasonably possible that $3.1 million could be settled during the next twelve-month period as a result of the conclusion of various tax audits or due to the expiration of the applicable statute of limitations. Substantially all of the unrecognized tax benefits at December 31, 2017 would impact the Company’s future effective income tax rate, if recognized.

The Company recognizes interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statement of income. As of December 31, 2017 and 2016, we had accrued approximately $0.6 million and $0.5 million in interest and penalties, respectively. During the years ended December 31, 2017 and 2016, we recognized no material change in the interest and penalties related to uncertain tax positions.

Fair value measurements	12 Months Ended
Fair value measurements	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair value measurements	Fair Value Measurements At December 31, 2017, the Company had $108.4 million of debt outstanding under the 2017 Credit Facility which incurs interest at a variable interest rate and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At December 31, 2017, the fair value and the carrying value of the Company’s unsecured Senior Notes approximated $402.0 million and $400.0 million, respectively. At December 31, 2016, the fair value and the carrying value of the Company’s Senior Notes each approximated $402.0 million. There were no other outstanding financial instruments as of December 31, 2017 and 2016 that required measuring the amounts at fair value on a recurring basis. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the year ended December 31, 2017.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Commitments and Contingencies

Litigation

In the ordinary course of business, the Company is, and in the future, could be involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at December 31, 2017 and 2016 are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Asbestos litigation

One of our subsidiaries has been named as one of many defendants in a number of product liability claims for alleged exposure to asbestos. These lawsuits are typically filed on behalf of plaintiffs who allege exposure to asbestos, against numerous defendants, often 40 or more, who may have manufactured or distributed products containing asbestos. The injuries alleged by plaintiffs in these cases range from mesothelioma and other cancers to asbestosis. The earliest claims against our subsidiary were filed in New Jersey in 1998, and our subsidiary currently has active cases in Missouri, New Jersey, New York, and Illinois. These complaints do not typically include requests for a specific amount of damages. The trademark for the product line with asbestos exposure was acquired in 1985. Our subsidiary has been successful in obtaining dismissals in many lawsuits where the exposure is alleged to have occurred prior to our acquisition of the trademark. The law in some states does not find purchasers of product lines to have tort liability for incidents occurring prior to the acquisition date unless they assumed the responsibility or in certain other circumstances. The law in certain other states on so called “successor liability” may be different or ambiguous in this regard. Most claimants alleging illnesses due to asbestos sue on the basis of exposure prior to 1985, as by that date the hazards of asbestos exposure were well known and asbestos had begun to fall into disuse in industrial settings. To date, asbestos claims have not had a material adverse effect on our business, financial condition, results of operations, or cash flow, as our annual out-of-pocket costs over the last five years has been less than $200,000. There were fewer than 50 new cases filed against our subsidiary in each of last two years, and a significant number of existing cases were dismissed, settled or otherwise disposed over the last year. We currently have fewer than 150 lawsuits pending against this subsidiary. Our subsidiary has over $17 million in face amount of insurance per occurrence and over $23 million of aggregate primary insurance coverage; a portion of the coverage has been eroded by payments made by insurers. In addition, our subsidiary has over $950 million in face amount of excess coverage applicable to the claims. There can be no guarantee that all of this can be collected due to policy terms and conditions and insurer insolvencies in the past or in the future. In January 2011, we entered into an agreement with seven of our primary insurers under which they have agreed to pay 80% of the costs of handling and settling each asbestos claim against the affected subsidiary. After an initial period, and under certain circumstances, our subsidiary and the subscribing insurers may withdraw from this agreement.

Portland Harbor Superfund litigation

In May 2009, one of the Company’s subsidiaries (which is presently a dormant company with nominal assets except for rights under insurance policies) was named along with many defendants in a suit filed by the Port of Portland, Oregon seeking reimbursement of costs related to a five-year study of contaminated sediments at the port. In March 2010, the subsidiary also received a notice letter from the Environmental Protection Agency indicating that it had been identified as a potentially responsible party with respect to environmental contamination in the “study area” for the Portland Harbor Superfund Site. Under a 1997 indemnity agreement, the subsidiary is indemnified by a third party with respect to losses relating to environmental contamination. As required under the indemnity agreement, the subsidiary provided notice of these claims, and the indemnitor has assumed responsibility and is providing a defense of the claims. Although the Company believes that it is unlikely that the subsidiary contributed to the contamination at the Portland Harbor Superfund Site, the potential liability of the subsidiary and the ability of the indemnitor to fulfill its indemnity obligations cannot be quantified at this time.

Operating leases

The Company has operating leases for warehouse, office space, manufacturing facilities and equipment. The leases generally require the Company to pay certain expenses including taxes, insurance, maintenance, and utilities. The minimum future lease commitments under noncancelable leases in effect at December 31, 2017 are as follows:



2018	$	17,421
2019	15,060
2020	12,512
2021	10,369
2022	9,552
Thereafter	6,517
	$	71,431

Total rent expense was $19.3 million, $18.6 million and $20.9 million under operating leases for the years ended December 31, 2017, 2016 and 2015, respectively.

Letters of credit and guarantees

The Company executes letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee the Company fulfilling certain performance obligations relating to certain large contracts. At December 31, 2017, the Company had $7.9 million in letters of credit outstanding.

Stockholders' equity and employee benefit plans	12 Months Ended
Stockholders' equity and employee benefit plans	Dec. 31, 2017
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Stockholders' equity and employee benefit plans	Stockholders’ Equity and Employee Benefit Plans Shares issued for Acquisition On January 9, 2017, the Company issued 196,249 shares of common stock to acquire 100% of the general partnership interests of Innovative Valve Components. On October 2, 2017, the Company issued 11.5 million shares of common stock to acquire the remaining membership interests in Global Tubing. Refer to Note 4 Acquisitions for further details on these acquisitions. Equity offering In December 2016, the Company offered and sold 4.0 million shares of the Company’s common stock and raised $85.1 million in cash (net of expenses) pursuant to a public equity offering. Employee benefit plans The Company sponsors a 401(k) savings plan for U.S. employees and related savings plans for certain non-U.S. employees. These plans benefit eligible employees by allowing them the opportunity to make contributions up to certain limits. The Company contributes by matching a percentage of each employee’s contributions. In 2015 and 2016, for certain plans, the Company temporarily suspended the matching of contributions. Subsequent to the closing of all acquisitions, employees of those acquired entities will generally be eligible to participate in the Company’s 401(k) savings plan. The Company also has the discretion to provide a profit sharing contribution to each participant depending on the Company’s performance for the applicable year. The expense under the Company’s plan was $5.4 million, $1.4 million, and $2.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. The Company has an Employee Stock Purchase Plan, which allows eligible employees to purchase shares of the Company’s common stock at six-month intervals through periodic payroll deductions at a price per share equal to 85% of the lower of the fair market value at the beginning and ending of the six-month intervals. Stock repurchases In October 2014, the board of directors approved a program for the repurchase of outstanding shares of the Company’s common stock with an aggregate purchase price of up to $150.0 million. The Company has purchased approximately 4.5 million shares (primarily in 2014) under this program for aggregate consideration of approximately $100.2 million.

Stock based compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock based compensation

Stock Based Compensation

FET share-based compensation plan

In August 2010, the Company created the 2010 Stock Incentive Plan (the “2010 Plan”) to allow for employees, directors and consultants of the Company and its subsidiaries to maintain stock ownership in the Company through the award of stock options, restricted stock, restricted stock units or any combination thereof. Under the terms of the 2010 Plan, a total of 18.5 million shares were authorized for awards.

In May 2016, the Company created a new 2016 Stock Incentive Plan (the “ 2016 Plan”). Under the terms of the 2016 Plan, the aggregate number of shares that may be issued may not exceed the number of shares reserved but not issued under the 2010 Plan as of May 17, 2016, the effective date of the 2016 plan, a total of 5.7 million shares. No further awards shall be made under the 2010 Plan after such date, and outstanding awards granted under the 2010 Plan shall continue to be outstanding. Approximately 4.0 million shares remained available under the 2016 Plan for future grants as of December 31, 2017.

The total amount of share-based compensation expense recorded was approximately $20.3 million, $20.5 million and $21.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, the Company expects to record share-based compensation expense of approximately $37.0 million over the remaining term of the restricted stock and options of approximately two years. Future grants will result in additional compensation expense.

Stock options

The exercise price of each option is based on the fair market value of the Company’s stock at the date of grant. Options generally have a ten-year life and vest annually in equal increments over three or four years. The Company’s policy for issuing stock upon a stock option exercise is to issue new shares. Compensation expense is recognized on a straight line basis over the vesting period. The following tables provide additional information related to the options:



2017 Activity	Number of shares (in thousands)		Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	5,871		$	12.42	5.3	$	59.1
Granted	279		$	20.10
Exercised	(161	)	$	9.24
Forfeited/expired	(172	)	$	18.50
Total outstanding	5,817		$	12.66	4.6	$	28.3
Options exercisable	4,607		$	12.10	3.7	$	24.6

The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2017, 2016 and 2015 are as follows:



	2017	2016	2015
Weighted average fair value	$8.95	$3.85	$6.36
Assumptions
Expected life (in years)	6.25	6.25	6.30
Volatility	43%	40%	33%
Dividend yield	—%	—%	—%
Risk free interest rate	2.11%	1.40%	1.81%

The intrinsic value of the options exercised was $1.6 million in 2017, $1.3 million in 2016 and $3.9 million 2015. The intrinsic value is the amount by which the fair value of the underlying share exceeds the exercise price of an option.

Restricted stock

Restricted stock generally vests over a three or four year period from the date of grant. Further information about the restricted stock follows:



	Restricted Stock (Shares in thousands)
2017 Activity
Nonvested at beginning of year	418
Granted	53
Vested	(177	)
Forfeited	(2	)
Nonvested at the end of year	292

The weighted average grant date fair value of the restricted stock was $19.00, $10.28 and $18.87 per share during the years ended December 31, 2017, 2016, and 2015, respectively. The total fair value of shares vested was $2.3 million during 2017, $3.9 million during 2016 and $5.1 million during 2015.

Restricted stock units

Restricted stock units generally vest over a three or four year period from the date of grant. Further information about the restricted stock units follows:



	Restricted stock units (Shares in thousands)
2017 Activity
Nonvested at beginning of year	1,765
Granted	1,274
Vested	(599	)
Forfeited	(214	)
Nonvested at the end of year	2,226

The weighted average grant date fair value of the restricted stock units was $17.97, $9.74 and $18.06 per share during the years ended December 31, 2017, 2016, and 2015, respectively. The total fair value of units vested was $10.0 million, $8.4 million, and $6.7 million during 2017, 2016, and 2015 .

Performance share awards

During 2017, the Company granted 124,213 performance share awards with service-vesting and market-vesting conditions. These awards may settle between zero and two shares of the Company’s common stock for each performance share unit awarded. The number of shares issued pursuant to the performance share awards will be determined based on the total shareholder return of the Company’s common stock as compared to a group of peer companies, measured annually over a one-year, two-year, and three-year performance period.

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2017
Related Party Transactions [Abstract]
Related party transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from various affiliates of certain directors. The dollar amounts related to these related party activities are not significant to the Company’s consolidated financial statements.

Business segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Business segments

Business Segments

The Company reports its results of operations in the following three reportable segments: Drilling & Subsea, Completions and Production & Infrastructure.

The Drilling & Subsea segment designs, manufactures and supplies products and provides related services to the drilling, energy and subsea construction and services markets, and other markets such as alternative energy, defense and communications. The Completions segment designs, manufactures and supplies products and provides related services to the well construction, completion, stimulation and intervention markets. The Production & Infrastructure segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets.

In order to better align with the predominant customer base of the segment, the Company has moved management and financial reporting of our AMC branded fully rotational torque machine operations from the Drilling & Subsea segment to the Completions segment. Prior period financial information has been revised to conform with current period presentation with no impact to total segment operating results.

The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors view the business. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.

The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands):



	Year ended December 31,
	2017			2016			2015
Net sales:
Drilling & Subsea	$	234,742		$	224,447		$	469,778
Completions	260,191			131,786			285,177
Production & Infrastructure	327,287			233,754			320,442
Intersegment eliminations	(3,600		)	(2,352		)	(1,745		)
Total net sales	$	818,620		$	587,635		$	1,073,652

Operating income (loss):
Drilling & Subsea	$	(31,563	)	$	(53,055	)	$	2,721
Completions	(6,746		)	(45,609		)	15,293
Production & Infrastructure	7,811			655			22,658
Corporate	(33,427		)	(27,440		)	(28,077		)
Total segment operating income (loss)	(63,925		)	(125,449		)	12,595
Goodwill and intangible asset impairment	69,062			—			125,092
Transaction expenses	6,511			865			480
Loss on disposal of assets	2,097			2,638			746
Operating Loss	$	(141,595	)	$	(128,952	)	$	(113,723	)

Depreciation and amortization
Drilling & Subsea	$	25,582		$	28,827		$	32,248
Completions	30,512			25,549			25,417
Production & Infrastructure	8,608			6,738			7,377
Corporate	427			646			641
Total depreciation and amortization	$	65,129		$	61,760		$	65,683

Capital expenditures
Drilling & Subsea	$	5,424		$	7,774		$	13,788
Completions	6,458			2,557			8,416
Production & Infrastructure	6,855			1,953			3,102
Corporate	7,972			4,544			6,985
Total capital expenditures	$	26,709		$	16,828		$	32,291

A summary of consolidated assets by reportable segment is as follows (in thousands):



	As of December 31,
Assets	2017		2016		2015
Drilling & Subsea	$	645,254	$	766,234	$	867,801
Completions	1,202,379		696,208		773,268
Production & Infrastructure	251,685		175,940		187,741
Corporate	95,910		196,810		57,232
Total assets	$	2,195,228	$	1,835,192	$	1,886,042

Corporate assets primarily include deferred tax assets and deferred loan costs.

Net sales by shipping destination and long-lived assets by country were as follows (in thousands):



	Year ended December 31,
	2017				2016				2015
Net sales:	$		%		$		%		$		%
United States	$	621,445	76.0	%	$	361,941	61.7	%	$	646,928	60.3	%
Europe & Africa	61,134		7.5	%	77,847		13.2	%	188,414		17.5	%
Asia-Pacific	28,694		3.5	%	51,880		8.8	%	69,923		6.5	%
Middle East	25,634		3.1	%	25,975		4.4	%	59,680		5.6	%
Canada	60,898		7.4	%	42,520		7.2	%	57,837		5.4	%
Latin America	20,815		2.5	%	27,472		4.7	%	50,870		4.7	%
Total net sales	$	818,620	100.0	%	$	587,635	100.0	%	$	1,073,652	100.0	%



	As of December 31,
Long-lived assets:	2017		2016		2015
United States	$	1,087,381	$	809,545	$	869,388
Europe & Africa	213,008		184,768		202,852
Canada	88,280		79,403		83,688
Asia-Pacific	7,984		7,855		8,192
Middle East	7,362		3,175		3,189
Latin America	832		730		921
Total long-lived assets	$	1,404,847	$	1,085,476	$	1,168,230

Net sales by product lines were as follows (in thousands):



	Year ended December 31,
	2017					2016					2015
Net sales:	$			%		$			%		$			%
Drilling Technologies	$	169,045		20.6	%	$	136,033		23.1	%	$	280,688		26.1	%
Subsea Technologies	65,697			8.0	%	88,414			15.0	%	189,090			17.6	%
Downhole Technologies	76,010			9.3	%	59,545			10.1	%	124,473			11.6	%
Stimulation and Intervention	148,665			18.2	%	72,241			12.3	%	160,704			15.0	%
Coiled Tubing	35,516			4.3	%	—			—	%	—			—	%
Production Equipment	124,323			15.2	%	77,166			13.1	%	145,927			13.6	%
Valve Solutions	202,964			24.8	%	156,588			26.6	%	174,515			16.3	%
Eliminations	(3,600		)	(0.4	)%	(2,352		)	(0.2	)%	(1,745		)	(0.2	)%
Total net sales	$	818,620		100.0	%	$	587,635		100.0	%	$	1,073,652		100.0	%

Condensed consolidating financial statements

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed consolidating financial statements

Condensed Consolidating Financial Statements

The Senior Notes are guaranteed by our domestic subsidiaries which are 100% owned, directly or indirectly, by the Company. The guarantees are full and unconditional, joint and several and on an unsecured basis.



Condensed consolidating statements of operations and comprehensive income (loss)

	December 31, 2017
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	703,409		$	182,417		$	(67,206	)	$	818,620
Cost of sales	—			550,931			145,743			(66,842		)	629,832
Gross profit	—			152,478			36,674			(364		)	188,788
Operating expenses
Selling, general and administrative expenses	—			205,672			48,041			—			253,713
Goodwill and intangible assets impairment	—			33,301			35,761			—			69,062
Transaction expenses	—			6,521			(10		)	—			6,511
Loss on sale of assets	—			1,981			116			—			2,097
Total operating expenses	—			247,475			83,908			—			331,383
Earnings (loss) from equity investment	—			1,000			—			—			1,000
Equity earnings from affiliate, net of tax	(41,253		)	(53,682		)	—			94,935			—
Operating income (loss)	(41,253		)	(147,679		)	(47,234		)	94,571			(141,595		)
Other expense (income)
Interest expense	27,919			(569		)	(542		)	—			26,808
Foreign exchange (gains) losses and other, net	—			(118		)	7,386			—			7,268
Gain realized on previously held equity investment	—			(120,392		)	—			—			(120,392		)
Deferred loan costs written off	—			—			—			—			—
Total other expense (income)	27,919			(121,079		)	6,844			—			(86,316		)
Income (loss) before income taxes	(69,172		)	(26,600		)	(54,078		)	94,571			(55,279		)
Provision for income tax expense (benefit)	(9,772		)	14,653			(760		)	—			4,121
Net income (loss)	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)
Less: Loss attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to common stockholders	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)

Other comprehensive income (loss), net of tax:
Net income (loss)	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)
Change in foreign currency translation, net of tax of $0	36,163			36,163			36,163			(72,326		)	36,163
Change in pension liability	107			107			107			(214		)	107
Comprehensive income (loss)	(23,130		)	(4,983		)	(17,048		)	22,031			(23,130		)
Less: comprehensive (income) loss attributable to noncontrolling interests	—			—			—			—			—
Comprehensive income (loss) attributable to common stockholders	$	(23,130	)	$	(4,983	)	$	(17,048	)	$	22,031		$	(23,130	)



Condensed consolidating statements of operations and comprehensive income (loss)

	December 31, 2016
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	436,785		$	198,684		$	(47,834	)	$	587,635
Cost of sales	—			375,509			161,190			(48,799		)	487,900
Gross profit	—			61,276			37,494			965			99,735
Operating expenses
Selling, general and administrative expenses	—			187,974			39,034			—			227,008
Transaction expenses	—			825			40			—			865
Loss on sale of assets	—			2,616			22			—			2,638
Total operating expenses	—			191,415			39,096			—			230,511
Earnings from equity investment	—			1,824			—			—			1,824
Equity earnings from affiliate, net of tax	(62,180		)	14,663			—			47,517			—
Operating income (loss)	(62,180		)	(113,652		)	(1,602		)	48,482			(128,952		)
Other expense (income)
Interest expense	27,480			(110		)	40			—			27,410
Foreign exchange gains and other, net	—			(5,264		)	(16,077		)	—			(21,341		)
Deferred loan costs written off	2,978			—			—			—			2,978
Total other expense (income)	30,458			(5,374		)	(16,037		)	—			9,047
Income (loss) before income taxes	(92,638		)	(108,278		)	14,435			48,482			(137,999		)
Provision (benefit) for income tax expense	(10,660		)	(46,098		)	707			—			(56,051		)
Net income (loss)	(81,978		)	(62,180		)	13,728			48,482			(81,948		)
Less: Loss attributable to noncontrolling interest	—			—			30			—			30
Net income (loss) attributable to common stockholders	(81,978		)	(62,180		)	13,698			48,482			(81,978		)

Other comprehensive income (loss), net of tax:
Net income (loss)	(81,978		)	(62,180		)	13,728			48,482			(81,948		)
Change in foreign currency translation, net of tax of $0	(45,722		)	(45,722		)	(45,722		)	91,444			(45,722		)
Change in pension liability	(335		)	(335		)	(335		)	670			(335		)
Comprehensive loss	(128,035		)	(108,237		)	(32,329		)	140,596			(128,005		)
Less: comprehensive income attributable to noncontrolling interests	—			—			(162		)	—			(162		)
Comprehensive loss attributable to common stockholders	$	(128,035	)	$	(108,237	)	$	(32,491	)	$	140,596		$	(128,167	)



Condensed consolidating statements of operations and comprehensive income

	December 31, 2015
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	810,890		$	369,186		$	(106,424	)	$	1,073,652
Cost of sales	—			646,076			269,900			(105,001		)	810,975
Gross profit	—			164,814			99,286			(1,423		)	262,677
Operating expenses
Selling, general and administrative expenses	—			201,904			63,002			—			264,906
Goodwill and intangible assets impairment	—			57,392			67,700			—			125,092
Transaction expenses	—			480			—			—			480
(Gain) loss on sale of assets	—			943			(197		)	—			746
Total operating expenses	—			260,719			130,505			—			391,224
Earnings from equity investment	—			14,824			—			—			14,824
Equity earnings from affiliate, net of tax	(99,908		)	(28,419		)	—			128,327			—
Operating loss	(99,908		)	(109,500		)	(31,219		)	126,904			(113,723		)
Other expense (income)
Interest expense	29,914			10			21			—			29,945
Foreign exchange gains and other, net	—			(479		)	(8,866		)	—			(9,345		)
Total other expense (income)	29,914			(469		)	(8,845		)	—			20,600
Loss before income taxes	(129,822		)	(109,031		)	(22,374		)	126,904			(134,323		)
Provision (benefit) for income taxes	(10,469		)	(9,123		)	4,653			—			(14,939		)
Net loss	(119,353		)	(99,908		)	(27,027		)	126,904			(119,384		)
Less: Income attributable to noncontrolling interest	—			—			(31		)	—			(31		)
Net loss attributable to common stockholders	(119,353		)	(99,908		)	(26,996		)	126,904			(119,353		)

Other comprehensive income, net of tax:
Net loss	(119,353		)	(99,908		)	(27,027		)	126,904			(119,384		)
Change in foreign currency translation, net of tax of $0	(45,270		)	(45,270		)	(45,270		)	90,540			(45,270		)
Change in pension liability	46			46			46			(92		)	46
Comprehensive loss	(164,577		)	(145,132		)	(72,251		)	217,352			(164,608		)
Less: comprehensive loss attributable to noncontrolling interests	—			—			168			—			168
Comprehensive loss attributable to common stockholders	$	(164,577	)	$	(145,132	)	$	(72,083	)	$	217,352		$	(164,440	)



Condensed consolidating balance sheets

	December 31, 2017
	FET (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
					(in thousands)
Assets
Current assets
Cash and cash equivalents	$	—	$	73,981	$	41,235	$	—		$	115,216
Accounts receivable—trade, net	—		168,162		34,752		—			202,914
Inventories, net	—		374,527		77,454		(8,804		)	443,177
Income tax receivable	—		1,872		—		—			1,872
Cost and profits in excess of billings	—		9,584		—		—			9,584
Prepaid expenses and other current assets	—		10,807		6,811		—			17,618
Total current assets	—		638,933		160,252		(8,804		)	790,381
Property and equipment, net of accumulated depreciation	—		167,407		29,874		—			197,281
Deferred financing costs, net	2,900		—		—		—			2,900
Deferred income taxes, net	—		—		3,344		—			3,344
Intangibles, net	—		390,752		52,312		—			443,064
Goodwill	—		599,677		155,568		—			755,245
Investment in unconsolidated subsidiary	—		—		—		—			—
Investment in affiliates	1,250,593		418,799		—		(1,669,392		)	—
Long-term loan and advances to affiliates	667,968		—		90,524		(758,492		)	—
Other long-term assets	—		2,086		927		—			3,013
Total assets	$	1,921,461	$	2,217,654	$	492,801	$	(2,436,688	)	$	2,195,228
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	—	$	1,048	$	108	$	—		$	1,156
Accounts payable—trade	—		117,158		20,526		—			137,684
Accrued liabilities	6,638		46,962		13,165		—			66,765
Deferred revenue	—		4,455		4,364		—			8,819
Billings in excess of costs and profits recognized	—		1,394		487		—			1,881
Total current liabilities	6,638		171,017		38,650		—			216,305
Long-term debt, net of current portion	505,807		908		35		—			506,750
Long-term loans and payables to affiliates	—		758,492		—		(758,492		)	—
Deferred income taxes, net	—		22,737		8,495		—			31,232
Other long-term liabilities	—		13,907		18,018		—			31,925
Total liabilities	512,445		967,061		65,198		(758,492		)	786,212

Total stockholders’ equity	1,409,016		1,250,593		427,603		(1,678,196		)	1,409,016
Noncontrolling interest in subsidiary	—		—		—		—			—
Total equity	1,409,016		1,250,593		427,603		(1,678,196		)	1,409,016
Total liabilities and equity	$	1,921,461	$	2,217,654	$	492,801	$	(2,436,688	)	$	2,195,228



Condensed consolidating balance sheets

	December 31, 2016
	FET (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
					(in thousands)
Assets
Current assets
Cash and cash equivalents	$	65	$	143,275	$	91,082	$	—		$	234,422
Accounts receivable—trade, net	—		77,229		28,039		—			105,268
Inventories, net	—		269,036		77,987		(8,440		)	338,583
Income tax receivable	—		32,801		—		—			32,801
Cost and profits in excess of billings	—		4,477		4,722		—			9,199
Prepaid expenses and other current assets	—		21,013		8,430		—			29,443
Total current assets	65		547,831		210,260		(8,440		)	749,716
Property and equipment, net of accumulated depreciation	—		127,094		25,118		—			152,212
Deferred financing costs, net	1,112		—		—		—			1,112
Deferred income taxes, net	—		—		851		—			851
Intangibles, net	—		166,437		49,981		—			216,418
Goodwill	—		481,374		171,369		—			652,743
Investment in unconsolidated subsidiary	—		59,140		—		—			59,140
Investment in affiliates	1,080,337		460,166		—		(1,540,503		)	—
Long-term advances to affiliates	557,061		—		71,057		(628,118		)	—
Other long-term assets	—		2,322		678		—			3,000
Total assets	$	1,638,575	$	1,844,364	$	529,314	$	(2,177,061	)	$	1,835,192
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	—	$	23	$	101	$	—		$	124
Accounts payable—trade	—		59,261		14,514		—			73,775
Accrued liabilities	6,708		40,630		8,266		—			55,604
Deferred revenue	—		1,206		7,132		—			8,338
Billings in excess of cost and profit recognized	—		1,799		2,205		—			$	4,004
Total current liabilities	6,708		102,919		32,218		—			141,845
Long-term debt, net of current portion	396,665		—		82		—			396,747
Long-term payables to affiliates	—		628,118		—		(628,118		)	—
Deferred income taxes, net	$	—	$	17,650	$	8,535	$	—		26,185
Other long-term liabilities	—		15,340		19,314		—			34,654
Total liabilities	403,373		764,027		60,149		(628,118		)	599,431

Total stockholders’ equity	1,235,202		1,080,337		468,606		(1,548,943		)	1,235,202
Noncontrolling interest in subsidiary	—		—		559		—			559
Total equity	1,235,202		1,080,337		469,165		(1,548,943		)	1,235,761
Total liabilities and equity	$	1,638,575	$	1,844,364	$	529,314	$	(2,177,061	)	$	1,835,192



Condensed consolidating statements of cash flows

	Year ended December 31, 2017
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(15,718	)	$	483		$	3,702		$	(28,500	)	$	(40,033	)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(157,297		)	(4,892		)	—			(162,189		)
Capital expenditures for property and equipment	—			(20,499		)	(6,210		)	—			(26,709		)
Long-term loans and advances to affiliates	(86,097		)	22,072			—			64,025			—
Other	—			997			(67		)	—			930
Net cash used in investing activities	(86,097		)	(154,727		)	(11,169		)	64,025			(187,968		)
Cash flows from financing activities
Borrowings under credit facility	107,431			—			—			—			107,431
Repayment of long-term debt	—			—			—			—			—
Long-term loans and advances to affiliates	—			86,097			(22,072		)	(64,025		)	—
Dividend paid to affiliates	—			—			(28,500		)	28,500			—
Repurchases of stock	(4,742		)	—			—			—			(4,742		)
Proceeds from stock issuance	1,491			—			—			—			1,491
Other	(2,430		)	(1,147		)	(40		)	—			(3,617		)
Net cash provided by (used in) financing activities	101,750			84,950			(50,612		)	(35,525		)	100,563
Effect of exchange rate changes on cash	—			—			8,232			—			8,232
Net decrease in cash and cash equivalents	(65		)	(69,294		)	(49,847		)	—			(119,206		)
Cash and cash equivalents
Beginning of period	65			143,275			91,082			—			234,422
End of period	$	—		$	73,981		$	41,235		$	—		$	115,216



Condensed consolidating statements of cash flows

	Year ended December 31, 2016
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(16,882	)	$	31,055		$	73,772		$	(23,203	)	$	64,742
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(4,072		)	—			—			(4,072		)
Capital expenditures for property and equipment	—			(12,033		)	(4,795		)	—			(16,828		)
Long-term loans and advances to affiliates	(69,340		)	12,912			—			56,428			—
Other	—			9,442			321			—			9,763
Net cash provided by (used in) investing activities	(69,340		)	6,249			(4,474		)	56,428			(11,137		)
Cash flows from financing activities
Long-term loans and advances to affiliates	—			69,340			(12,912		)	(56,428		)	—
Dividend paid to affiliates	—			—			(23,203		)	23,203			—
Repurchases of stock	(623		)	—			—			—			(623		)
Proceeds from stock issuance	87,676			—			—			—			87,676
Other	(766		)	(253		)	161			—			(858		)
Net cash provided by (used in) financing activities	86,287			69,087			(35,954		)	(33,225		)	86,195
Effect of exchange rate changes on cash	—			—			(14,627		)	—			(14,627		)
Net increase in cash and cash equivalents	65			106,391			18,717			—			125,173
Cash and cash equivalents
Beginning of period	—			36,884			72,365			—			109,249
End of period	$	65		$	143,275		$	91,082		$	—		$	234,422



Condensed consolidating statements of cash flows

	Year ended December 31, 2015
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(17,306	)	$	112,629		$	60,590		$	—		$	155,913
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(60,836		)	—			—			(60,836		)
Capital expenditures for property and equipment	—			(23,035		)	(9,256		)	—			(32,291		)
Long-term loans and advances to affiliates	38,019			41,755			—			(79,774		)	—
Other	—			1,057			764			—			1,821
Net cash provided by (used in) investing activities	38,019			(41,059		)	(8,492		)	(79,774		)	(91,306		)
Cash flows from financing activities
Borrowings under credit facility	94,984			—			—			—			94,984
Repayment of long-term debt	(120,077		)	—			—			—			(120,077		)
Long-term loans and advances to affiliates	—			(38,019		)	(41,755		)	79,774			—
Repurchase of stock	(6,438		)	—			—			—			(6,438		)
Proceeds from stock issuance	5,275			—			—			—			5,275
Other	(8		)	(673		)	—			—			(681		)
Net cash provided by (used in) financing activities	(26,264		)	(38,692		)	(41,755		)	79,774			(26,937		)
Effect of exchange rate changes on cash	—			—			(5,000		)	—			(5,000		)
Net increase (decrease) in cash and cash equivalents	(5,551		)	32,878			5,343			—			32,670
Cash and cash equivalents
Beginning of period	5,551			4,006			67,022			—			76,579
End of period	$	—		$	36,884		$	72,365		$	—		$	109,249

Quarterly results of operations (unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly results of operations

Quarterly Results of Operations (Unaudited)

The following tables summarize the Company’s results by quarter for the years ended December 31, 2017 and 2016. The quarterly results may not be comparable primarily due to acquisitions in 2017, 2016 and 2015. Refer to Note 4 Acquisitions for further information.



	2017
(in thousands, except per share information)	Q1			Q2			Q3			Q4
Net sales	$	171,096		$	201,115		$	198,709		$	247,700
Cost of sales	132,117			151,860			151,150			194,705
Gross profit	38,979			49,255			47,559			52,995
Total operating expenses ⁽¹⁾	61,056			131,779			64,839			73,709
Earnings from equity investment	1,462			2,568			3,361			(6,391		)
Operating loss	(20,615		)	(79,956		)	(13,919		)	(27,105		)
Total other expense ⁽²⁾	8,126			8,987			8,726			(112,155		)
Income (loss) before income taxes	(28,741		)	(88,943		)	(22,645		)	85,050
Provision for income tax expense (benefit)	(12,973		)	(11,070		)	(7,817		)	35,981
Net income (loss)	(15,768		)	(77,873		)	(14,828		)	49,069
Less: loss attributable to noncontrolling interest	—			—			—			—
Net income (loss) attributable to common stockholders	$	(15,768	)	$	(77,873	)	$	(14,828	)	$	49,069

Weighted average shares outstanding
Basic	95,860			96,170			96,275			105,947
Diluted	95,860			96,170			96,275			108,581
Earnings (loss) per share
Basic	$	(0.16	)	$	(0.81	)	$	(0.15	)	$	0.46
Diluted	$	(0.16	)	$	(0.81	)	$	(0.15	)	$	0.45

⁽¹⁾Total Operating expenses in Q2 included $68.0 million goodwill impairment for Subsea reporting unit.

⁽²⁾Total Other expenses in Q4 included $120.4 million gain realized on previously held equity investment



	2016
(in thousands, except per share information)	Q1			Q2			Q3			Q4
Net sales	$	159,441		$	142,723		$	138,268		$	147,203
Cost of sales	124,884			137,442			108,984			116,590
Gross profit	34,557			5,281			29,284			30,613
Total operating expenses	60,147			58,375			55,920			56,069
Earnings from equity investment	577			216			414			617
Operating loss	(25,013		)	(52,878		)	(26,222		)	(24,839		)
Total other expense	8,341			(3,229		)	3,594			341
Loss before income taxes	(33,354		)	(49,649		)	(29,816		)	(25,180		)
Income tax benefit	(10,406		)	(21,147		)	(11,821		)	(12,677		)
Net loss	(22,948		)	(28,502		)	(17,995		)	(12,503		)
Less: Income (loss) attributable to noncontrolling interest	(5		)	35			(6		)	6
Net loss attributable to common stockholders	$	(22,943	)	$	(28,537	)	$	(17,989	)	$	(12,509	)

Weighted average shares outstanding
Basic	90,477			90,707			90,860			91,923
Diluted	90,477			90,707			90,860			91,923
Loss per share
Basic	$	(0.25	)	$	(0.31	)	$	(0.20	)	$	(0.14	)
Diluted	$	(0.25	)	$	(0.31	)	$	(0.20	)	$	(0.14	)

Subsequent Event (Notes)	12 Months Ended
Subsequent Event (Notes)	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On January 3, 2018, we contributed our Forum Subsea Rentals business into Ashtead Technology, a competing business, in exchange for a 40% interest in the combined business. The transaction creates a market leading independent provider of subsea survey and remotely operated vehicle equipment rental services. After the merger, our interest in the combined business will be presented as an equity method investment. Pro forma results of operations for this merger have not been presented because the effects were not material to the consolidated financial statements.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Principles of consolidation

Use of estimates

Cash and cash equivalents

Accounts receivable-trade

Inventories

Property and equipment

Goodwill and intangible assets

No goodwill impairment losses were recorded for the year ended December 31, 2016.

Recognition of provisions for contingencies

Revenue recognition and deferred revenue

Customers are sometimes billed in advance of services performed or products manufactured, and the Company recognizes the associated liability as deferred revenue.

Concentration of credit risk

Share-based compensation

Expected life

Expected volatility

Dividend yield

The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future. Therefore, a zero expected dividend yield was used in the valuation model.

Risk-free interest rate

The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected life of the options.

Forfeitures

Income taxes

Earnings per share

Non-U.S. local currency translation

Noncontrolling interest

Fair value


•	Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;


•	Level 2 - inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly; and


•	Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which are adopted by the Company as of the specified effective date.

The Company has evaluated the impact of the adoption of the revised guidance. The status of implementation is as follows:


•	The Company established an implementation team, which provided internal training and reviewed contracts subject to the new revenue standard.


•	The implementation team reviewed contracts for the areas identified during the impact assessment and identified the impacts on the Company’s financial statements and related disclosures.


•	The implementation team has established new processes and controls in anticipation of adopting the new guidance.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The change in amounts of the allowance for doubtful accounts during the three year period ended December 31, 2017 is as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	5,646	$	4,358	$	(1,885	)	$	8,119
December 31, 2016	8,119		485		(5,273		)	3,331
December 31, 2017	3,331		2,903		(439		)	5,795

Schedule of Product Warranty Liability

Changes in the Company’s warranty liability were as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	5,314	$	5,539	$	(5,156	)	$	5,697
December 31, 2016	5,697		4,031		(6,504		)	3,224
December 31, 2017	3,224		3,172		(2,776		)	3,620

Schedule of Earnings Per Share Reconciliation

The following is a reconciliation of the number of shares used for the basic and diluted earnings per share computations (shares in thousands):



	December 31,
	2017	2016	2015
Basic weighted average shares outstanding	98,689	91,226	89,908
Dilutive effect of stock options and restricted share plans	—	—	—
Diluted weighted average shares outstanding	98,689	91,226	89,908

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Current assets, net of cash acquired	$	3,763
Property and equipment	96
Intangible assets (primarily developed technologies and customer relationships)	17,090
Tax-deductible goodwill	16,472
Non-tax deductible goodwill	3,099
Current liabilities	(1,329		)
Net assets acquired	$	39,191

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Current assets, net of cash acquired	$	36,174
Property and equipment	11,506
Intangible assets (primarily customer relationships)	10,400
Tax-deductible goodwill	13,977
Current liabilities	(10,129		)
Long term liabilities	(22		)
Net assets acquired	$	61,906

The following table summarizes the current fair values of the assets acquired and liabilities assumed at the date of the acquisition (in thousands):



Accounts Receivable	$	28,044
Inventory	40,005
Other current assets	3,141
Property and equipment	51,585
Intangible assets (primarily developed technologies and customer relationships)	228,190
Tax-deductible goodwill	69,423
Non-tax deductible goodwill	64,491
Current liabilities	(16,005		)
Long term liabilities	$	(54	)
Total net assets	$	468,820
Fair value of equity method investment previously held	(178,500		)
Net assets acquired	$	290,320

The following table summarizes the consideration transferred to acquire the remaining ownership interests of Global Tubing (in thousands other than stock price and shares issued):



	Purchase Consideration
Forum Energy Technologies' closing stock price on October 2, 2017	$	15.10
Multiplied by number of shares issued for acquisition	11,488,208
Common shares	$	173,472
Cash	31,764
Repayment of Global Tubing debt at acquisition	85,084
Total Consideration paid for the acquisition	$	290,320

Business Acquisition, Pro Forma Information

he following unaudited pro forma summary presents consolidated information as if the Global Tubing acquisition had occurred on January 1, 2016:



	Pro Forma Year Ended December 31,
	2017			2016
Net sales	$	901,856		$	659,108
Net loss attributable to common stockholders	(125,204		)	(101,173		)

Investment in unconsolidated subsidiary (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Condensed financial data for the equity investment in the unconsolidated subsidiary is summarized as follows:



	December 31, 2017		December 31, 2016
Current assets	$	—	$	48,194
Long-term assets	—		142,682
Current liabilities	—		11,918
Long-term liabilities	—		80,500



	Year ended December 31,
	2017		2016		2015
Net revenues	$	83,236	$	71,473	$	103,532
Gross profit	54,019		16,899		45,333
Net income	2,130		3,795		30,888
The Company’s earnings from equity investment	1,000		1,824		14,824

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s significant components of inventory at December 31, 2017 and 2016 were as follows (in thousands):



	December 31, 2017			December 31, 2016
Raw materials and parts	$	160,093		$	106,329
Work in process	51,941			23,303
Finished goods	305,461			277,303
Gross inventories	517,495			406,935
Inventory reserve	(74,318		)	(68,352		)
Inventories	$	443,177		$	338,583

Schedule of Inventory Reserve

The change in the amounts of the inventory reserve during the three year period ended December 31, 2017 is as follows (in thousands):



Period ended	Balance at beginning of period		Charged to expense		Deductions or other			Balance at end of period
December 31, 2015	$	29,456	$	51,917	$	(3,485	)	$	77,888
December 31, 2016	77,888		25,537		(35,073		)	$	68,352
December 31, 2017	68,352		14,620		(8,654		)	$	74,318

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment consists of the following (in thousands):



	Estimated useful lives	December 31,
	Estimated useful lives	2017			2016
Land		$	12,408		$	10,157
Buildings and leasehold improvements	5-30	90,909			75,947
Computer equipment	3-5	42,074			42,248
Machinery & equipment	5-10	169,203			131,860
Furniture & fixtures	3-10	6,338			5,626
Vehicles	3-5	8,048			8,660
Construction in progress		14,589			4,545
		343,569			279,043
Less: accumulated depreciation		(160,787		)	(143,677		)
Property & equipment, net		182,782			135,366

Rental equipment	3-10	70,679			69,475
Less: accumulated depreciation		(56,180		)	(52,629		)
Rental equipment, net		14,499			16,846

Total property & equipment, net		$	197,281		$	152,212

Goodwill and intangible assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):



	Drilling & Subsea						Completions				Production & Infrastructure				Total
	2017			2016			2017		2016		2017		2016		2017			2016
Goodwill Balance at January 1, net	$	307,806		$	324,995		$	327,293	$	326,514	$	17,644	$	17,527	$	652,743		$	669,036
Acquisitions, net of dispositions	—			—			153,485		—		1,595		—		155,080			—
Impairment	(68,004		)	—			—		—		—		—		(68,004		)	—
Impact of non-U.S. local currency translation	11,652			(17,189		)	3,567		779		207		117		15,426			(16,293		)
Goodwill Balance at December 31, net	$	251,454		$	307,806		$	484,345	$	327,293	$	19,446	$	17,644	$	755,245		$	652,743

Summary of Intangible Assets

At December 31, 2017 and 2016, intangible assets consisted of the following, respectively (in thousands):



	December 31, 2017
	Gross carrying amount		Accumulated amortization			Net intangibles		Amortization period (in years)
Customer relationships	$	428,544	$	(138,566	)	$	289,978	4-15
Patents and technology	110,910		(16,733		)	94,177		5-17
Non-compete agreements	6,625		(6,041		)	584		3-6
Trade names	64,359		(22,090		)	42,269		10-15
Distributor relationships	22,160		(16,338		)	5,822		8-15
Trademark	10,319		(85		)	10,234		15 - Indefinite
Intangible Assets Total	$	642,917	$	(199,853	)	$	443,064



	December 31, 2016
	Gross carrying amount		Accumulated amortization			Net intangibles		Amortization period (in years)
Customer relationships	$	270,586	$	(115,381	)	$	155,205	4-15
Patents and technology	33,936		(12,225		)	21,711		5-17
Non-compete agreements	6,230		(5,594		)	636		3-6
Trade names	44,494		(17,944		)	26,550		10-15
Distributor relationships	22,160		(15,074		)	7,086		8-15
Trademark	5,230		—			5,230		Indefinite
Intangible Assets Total	$	382,636	$	(166,218	)	$	216,418

Schedule of Future Amortization Expense

The total weighted average amortization period is 14 years and the estimated future amortization expense for the next five years is as follows (in thousands):



Year ending December 31,
2018	$	44,163
2019	43,976
2020	41,809
2021	41,244
2022	37,127

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit as of December 31, 2017 and 2016 consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
6.25% Senior notes due October 2021	$	400,000		$	400,000
Unamortized debt premium	1,583			1,989
Debt issuance cost	(4,222		)	(5,324		)
Senior secured revolving credit facility	108,446			—
Other debt	2,099			206
Total debt	507,906			396,871
Less: current maturities	(1,156		)	(124		)
Long-term debt	$	506,750		$	396,747

Schedule of Maturities of Long-term Debt

Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands):



2018	$	1,156
2019	943
2020	—
2021	508,446
2022	—
Thereafter	—
Total future payment	$	510,545
Add: Unamortized debt premium	1,583
Less: Debt issuance cost	(4,222		)
Total debt	$	507,906

Income taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of the Company’s income before income taxes for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):



	2017			2016			2015
U.S.	$	(3,015	)	$	(155,058	)	$	(114,862	)
Non-U.S.	(52,264		)	17,059			(19,461		)
Loss before income taxes	$	(55,279	)	$	(137,999	)	$	(134,323	)

Schedule of Components of Income Tax Expense (Benefit)

The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):



	2017			2016			2015
Current
U.S. Federal and state	$	(1,426	)	$	(38,589	)	$	43
Non-U.S.	5,398			6,956			8,264
Total current	3,972			(31,633		)	8,307
Deferred
U.S. Federal and state	6,415			(18,290		)	(19,071		)
Non-U.S.	(6,266		)	(6,128		)	(4,175		)
Total deferred	149			(24,418		)	(23,246		)
Provision for income tax expense (benefit)	$	4,121		$	(56,051	)	$	(14,939	)

Schedule of Effective Income Tax Rate Reconciliation



	2017					2016					2015
Income tax expense at the statutory rate	$	(19,348	)	(35.0	)%	$	(48,300	)	(35.0	)%	$	(47,013	)	(35.0	)%
State taxes, net of federal tax benefit	(294		)	(0.5	)%	(1,425		)	(1.0	)%	(1,157		)	(0.9	)%
Non-U.S. operations	6,337			11.5	%	(5,791		)	(4.2	)%	6,300			4.7	%
Domestic incentives	(254		)	(0.5	)%	(170		)	(0.1	)%	(250		)	(0.2	)%
Prior year federal, non-U.S. and state tax	(1,283		)	(2.3	)%	(777		)	(0.6	)%	(518		)	(0.4	)%
Nondeductible expenses	644			1.2	%	345			0.3	%	279			0.2	%
Goodwill impairment	14,731			26.6	%	—			—	%	27,210			20.3	%
Global Tubing acquisition	(9,160		)	(16.6	)%	—			—	%	—			—	%
U.S. tax reform	10,138			18.3	%	—			—	%	—			—	%
U.K. valuation allowance	4,523			8.2	%	—			—	%	—			—	%
Other	(1,913		)	(3.4	)%	67			—	%	210			0.2	%
Provision for income tax expense (benefit)	$	4,121		7.5	%	$	(56,051	)	(40.6	)%	$	(14,939	)	(11.1	)%

Schedule of Deferred Tax Assets and Liabilities

The primary components of deferred taxes include (in thousands):



	2017			2016
Deferred tax assets
Reserves and accruals	$	5,932		$	6,603
Inventory	20,836			24,677
Stock awards	6,235			10,984
Net operating loss and other tax credit carryforwards	31,164			30,317
Other	1,419			982
Gross deferred tax assets	65,586			73,563
Valuation allowance	(4,523		)	—
Total deferred tax assets	61,063			73,563
Deferred tax liabilities
Property and equipment	(12,172		)	(13,593		)
Goodwill and intangible assets	(76,454		)	(73,074		)
Investment in unconsolidated subsidiary	—			(10,000		)
Unremitted non-U.S. earnings	—			(740		)
Prepaid expenses and other	(325		)	(1,490		)
Total deferred tax liabilities	(88,951		)	(98,897		)
Net deferred tax liabilities	$	(27,888	)	$	(25,334	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):



Balance at January 1, 2017	$	14,220
Additional based on tax positions related to current year	1,490
Lapse of statute of limitations	(942		)
Balance at December 31, 2017	14,768

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

The minimum future lease commitments under noncancelable leases in effect at December 31, 2017 are as follows:



2018	$	17,421
2019	15,060
2020	12,512
2021	10,369
2022	9,552
Thereafter	6,517
	$	71,431

Stock based compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following tables provide additional information related to the options:



2017 Activity	Number of shares (in thousands)		Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	5,871		$	12.42	5.3	$	59.1
Granted	279		$	20.10
Exercised	(161	)	$	9.24
Forfeited/expired	(172	)	$	18.50
Total outstanding	5,817		$	12.66	4.6	$	28.3
Options exercisable	4,607		$	12.10	3.7	$	24.6

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes pricing model to estimate the fair value of the options granted in 2017, 2016 and 2015 are as follows:



	2017	2016	2015
Weighted average fair value	$8.95	$3.85	$6.36
Assumptions
Expected life (in years)	6.25	6.25	6.30
Volatility	43%	40%	33%
Dividend yield	—%	—%	—%
Risk free interest rate	2.11%	1.40%	1.81%

Nonvested Restricted Stock Shares Activity

Further information about the restricted stock units follows:



	Restricted stock units (Shares in thousands)
2017 Activity
Nonvested at beginning of year	1,765
Granted	1,274
Vested	(599	)
Forfeited	(214	)
Nonvested at the end of year	2,226

Restricted stock generally vests over a three or four year period from the date of grant. Further information about the restricted stock follows:



	Restricted Stock (Shares in thousands)
2017 Activity
Nonvested at beginning of year	418
Granted	53
Vested	(177	)
Forfeited	(2	)
Nonvested at the end of year	292

Business segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summary financial data by segment follows (in thousands):



	Year ended December 31,
	2017			2016			2015
Net sales:
Drilling & Subsea	$	234,742		$	224,447		$	469,778
Completions	260,191			131,786			285,177
Production & Infrastructure	327,287			233,754			320,442
Intersegment eliminations	(3,600		)	(2,352		)	(1,745		)
Total net sales	$	818,620		$	587,635		$	1,073,652

Operating income (loss):
Drilling & Subsea	$	(31,563	)	$	(53,055	)	$	2,721
Completions	(6,746		)	(45,609		)	15,293
Production & Infrastructure	7,811			655			22,658
Corporate	(33,427		)	(27,440		)	(28,077		)
Total segment operating income (loss)	(63,925		)	(125,449		)	12,595
Goodwill and intangible asset impairment	69,062			—			125,092
Transaction expenses	6,511			865			480
Loss on disposal of assets	2,097			2,638			746
Operating Loss	$	(141,595	)	$	(128,952	)	$	(113,723	)

Depreciation and amortization
Drilling & Subsea	$	25,582		$	28,827		$	32,248
Completions	30,512			25,549			25,417
Production & Infrastructure	8,608			6,738			7,377
Corporate	427			646			641
Total depreciation and amortization	$	65,129		$	61,760		$	65,683

Capital expenditures
Drilling & Subsea	$	5,424		$	7,774		$	13,788
Completions	6,458			2,557			8,416
Production & Infrastructure	6,855			1,953			3,102
Corporate	7,972			4,544			6,985
Total capital expenditures	$	26,709		$	16,828		$	32,291

A summary of consolidated assets by reportable segment is as follows (in thousands):



	As of December 31,
Assets	2017		2016		2015
Drilling & Subsea	$	645,254	$	766,234	$	867,801
Completions	1,202,379		696,208		773,268
Production & Infrastructure	251,685		175,940		187,741
Corporate	95,910		196,810		57,232
Total assets	$	2,195,228	$	1,835,192	$	1,886,042

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Net sales by shipping destination and long-lived assets by country were as follows (in thousands):



	Year ended December 31,
	2017				2016				2015
Net sales:	$		%		$		%		$		%
United States	$	621,445	76.0	%	$	361,941	61.7	%	$	646,928	60.3	%
Europe & Africa	61,134		7.5	%	77,847		13.2	%	188,414		17.5	%
Asia-Pacific	28,694		3.5	%	51,880		8.8	%	69,923		6.5	%
Middle East	25,634		3.1	%	25,975		4.4	%	59,680		5.6	%
Canada	60,898		7.4	%	42,520		7.2	%	57,837		5.4	%
Latin America	20,815		2.5	%	27,472		4.7	%	50,870		4.7	%
Total net sales	$	818,620	100.0	%	$	587,635	100.0	%	$	1,073,652	100.0	%



	As of December 31,
Long-lived assets:	2017		2016		2015
United States	$	1,087,381	$	809,545	$	869,388
Europe & Africa	213,008		184,768		202,852
Canada	88,280		79,403		83,688
Asia-Pacific	7,984		7,855		8,192
Middle East	7,362		3,175		3,189
Latin America	832		730		921
Total long-lived assets	$	1,404,847	$	1,085,476	$	1,168,230

Revenue from External Customers by Products and Services

Net sales by product lines were as follows (in thousands):



	Year ended December 31,
	2017					2016					2015
Net sales:	$			%		$			%		$			%
Drilling Technologies	$	169,045		20.6	%	$	136,033		23.1	%	$	280,688		26.1	%
Subsea Technologies	65,697			8.0	%	88,414			15.0	%	189,090			17.6	%
Downhole Technologies	76,010			9.3	%	59,545			10.1	%	124,473			11.6	%
Stimulation and Intervention	148,665			18.2	%	72,241			12.3	%	160,704			15.0	%
Coiled Tubing	35,516			4.3	%	—			—	%	—			—	%
Production Equipment	124,323			15.2	%	77,166			13.1	%	145,927			13.6	%
Valve Solutions	202,964			24.8	%	156,588			26.6	%	174,515			16.3	%
Eliminations	(3,600		)	(0.4	)%	(2,352		)	(0.2	)%	(1,745		)	(0.2	)%
Total net sales	$	818,620		100.0	%	$	587,635		100.0	%	$	1,073,652		100.0	%

Condensed consolidating financial statements (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed consolidating statements of income and comprehensive income



Condensed consolidating statements of operations and comprehensive income (loss)

	December 31, 2017
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	703,409		$	182,417		$	(67,206	)	$	818,620
Cost of sales	—			550,931			145,743			(66,842		)	629,832
Gross profit	—			152,478			36,674			(364		)	188,788
Operating expenses
Selling, general and administrative expenses	—			205,672			48,041			—			253,713
Goodwill and intangible assets impairment	—			33,301			35,761			—			69,062
Transaction expenses	—			6,521			(10		)	—			6,511
Loss on sale of assets	—			1,981			116			—			2,097
Total operating expenses	—			247,475			83,908			—			331,383
Earnings (loss) from equity investment	—			1,000			—			—			1,000
Equity earnings from affiliate, net of tax	(41,253		)	(53,682		)	—			94,935			—
Operating income (loss)	(41,253		)	(147,679		)	(47,234		)	94,571			(141,595		)
Other expense (income)
Interest expense	27,919			(569		)	(542		)	—			26,808
Foreign exchange (gains) losses and other, net	—			(118		)	7,386			—			7,268
Gain realized on previously held equity investment	—			(120,392		)	—			—			(120,392		)
Deferred loan costs written off	—			—			—			—			—
Total other expense (income)	27,919			(121,079		)	6,844			—			(86,316		)
Income (loss) before income taxes	(69,172		)	(26,600		)	(54,078		)	94,571			(55,279		)
Provision for income tax expense (benefit)	(9,772		)	14,653			(760		)	—			4,121
Net income (loss)	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)
Less: Loss attributable to noncontrolling interest	—			—			—			—			—
Net income (loss) attributable to common stockholders	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)

Other comprehensive income (loss), net of tax:
Net income (loss)	(59,400		)	(41,253		)	(53,318		)	94,571			(59,400		)
Change in foreign currency translation, net of tax of $0	36,163			36,163			36,163			(72,326		)	36,163
Change in pension liability	107			107			107			(214		)	107
Comprehensive income (loss)	(23,130		)	(4,983		)	(17,048		)	22,031			(23,130		)
Less: comprehensive (income) loss attributable to noncontrolling interests	—			—			—			—			—
Comprehensive income (loss) attributable to common stockholders	$	(23,130	)	$	(4,983	)	$	(17,048	)	$	22,031		$	(23,130	)



Condensed consolidating statements of operations and comprehensive income (loss)

	December 31, 2016
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	436,785		$	198,684		$	(47,834	)	$	587,635
Cost of sales	—			375,509			161,190			(48,799		)	487,900
Gross profit	—			61,276			37,494			965			99,735
Operating expenses
Selling, general and administrative expenses	—			187,974			39,034			—			227,008
Transaction expenses	—			825			40			—			865
Loss on sale of assets	—			2,616			22			—			2,638
Total operating expenses	—			191,415			39,096			—			230,511
Earnings from equity investment	—			1,824			—			—			1,824
Equity earnings from affiliate, net of tax	(62,180		)	14,663			—			47,517			—
Operating income (loss)	(62,180		)	(113,652		)	(1,602		)	48,482			(128,952		)
Other expense (income)
Interest expense	27,480			(110		)	40			—			27,410
Foreign exchange gains and other, net	—			(5,264		)	(16,077		)	—			(21,341		)
Deferred loan costs written off	2,978			—			—			—			2,978
Total other expense (income)	30,458			(5,374		)	(16,037		)	—			9,047
Income (loss) before income taxes	(92,638		)	(108,278		)	14,435			48,482			(137,999		)
Provision (benefit) for income tax expense	(10,660		)	(46,098		)	707			—			(56,051		)
Net income (loss)	(81,978		)	(62,180		)	13,728			48,482			(81,948		)
Less: Loss attributable to noncontrolling interest	—			—			30			—			30
Net income (loss) attributable to common stockholders	(81,978		)	(62,180		)	13,698			48,482			(81,978		)

Other comprehensive income (loss), net of tax:
Net income (loss)	(81,978		)	(62,180		)	13,728			48,482			(81,948		)
Change in foreign currency translation, net of tax of $0	(45,722		)	(45,722		)	(45,722		)	91,444			(45,722		)
Change in pension liability	(335		)	(335		)	(335		)	670			(335		)
Comprehensive loss	(128,035		)	(108,237		)	(32,329		)	140,596			(128,005		)
Less: comprehensive income attributable to noncontrolling interests	—			—			(162		)	—			(162		)
Comprehensive loss attributable to common stockholders	$	(128,035	)	$	(108,237	)	$	(32,491	)	$	140,596		$	(128,167	)



Condensed consolidating statements of operations and comprehensive income

	December 31, 2015
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Net sales	$	—		$	810,890		$	369,186		$	(106,424	)	$	1,073,652
Cost of sales	—			646,076			269,900			(105,001		)	810,975
Gross profit	—			164,814			99,286			(1,423		)	262,677
Operating expenses
Selling, general and administrative expenses	—			201,904			63,002			—			264,906
Goodwill and intangible assets impairment	—			57,392			67,700			—			125,092
Transaction expenses	—			480			—			—			480
(Gain) loss on sale of assets	—			943			(197		)	—			746
Total operating expenses	—			260,719			130,505			—			391,224
Earnings from equity investment	—			14,824			—			—			14,824
Equity earnings from affiliate, net of tax	(99,908		)	(28,419		)	—			128,327			—
Operating loss	(99,908		)	(109,500		)	(31,219		)	126,904			(113,723		)
Other expense (income)
Interest expense	29,914			10			21			—			29,945
Foreign exchange gains and other, net	—			(479		)	(8,866		)	—			(9,345		)
Total other expense (income)	29,914			(469		)	(8,845		)	—			20,600
Loss before income taxes	(129,822		)	(109,031		)	(22,374		)	126,904			(134,323		)
Provision (benefit) for income taxes	(10,469		)	(9,123		)	4,653			—			(14,939		)
Net loss	(119,353		)	(99,908		)	(27,027		)	126,904			(119,384		)
Less: Income attributable to noncontrolling interest	—			—			(31		)	—			(31		)
Net loss attributable to common stockholders	(119,353		)	(99,908		)	(26,996		)	126,904			(119,353		)

Other comprehensive income, net of tax:
Net loss	(119,353		)	(99,908		)	(27,027		)	126,904			(119,384		)
Change in foreign currency translation, net of tax of $0	(45,270		)	(45,270		)	(45,270		)	90,540			(45,270		)
Change in pension liability	46			46			46			(92		)	46
Comprehensive loss	(164,577		)	(145,132		)	(72,251		)	217,352			(164,608		)
Less: comprehensive loss attributable to noncontrolling interests	—			—			168			—			168
Comprehensive loss attributable to common stockholders	$	(164,577	)	$	(145,132	)	$	(72,083	)	$	217,352		$	(164,440	)

Condensed consolidating balance sheets



Condensed consolidating balance sheets

	December 31, 2017
	FET (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
					(in thousands)
Assets
Current assets
Cash and cash equivalents	$	—	$	73,981	$	41,235	$	—		$	115,216
Accounts receivable—trade, net	—		168,162		34,752		—			202,914
Inventories, net	—		374,527		77,454		(8,804		)	443,177
Income tax receivable	—		1,872		—		—			1,872
Cost and profits in excess of billings	—		9,584		—		—			9,584
Prepaid expenses and other current assets	—		10,807		6,811		—			17,618
Total current assets	—		638,933		160,252		(8,804		)	790,381
Property and equipment, net of accumulated depreciation	—		167,407		29,874		—			197,281
Deferred financing costs, net	2,900		—		—		—			2,900
Deferred income taxes, net	—		—		3,344		—			3,344
Intangibles, net	—		390,752		52,312		—			443,064
Goodwill	—		599,677		155,568		—			755,245
Investment in unconsolidated subsidiary	—		—		—		—			—
Investment in affiliates	1,250,593		418,799		—		(1,669,392		)	—
Long-term loan and advances to affiliates	667,968		—		90,524		(758,492		)	—
Other long-term assets	—		2,086		927		—			3,013
Total assets	$	1,921,461	$	2,217,654	$	492,801	$	(2,436,688	)	$	2,195,228
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	—	$	1,048	$	108	$	—		$	1,156
Accounts payable—trade	—		117,158		20,526		—			137,684
Accrued liabilities	6,638		46,962		13,165		—			66,765
Deferred revenue	—		4,455		4,364		—			8,819
Billings in excess of costs and profits recognized	—		1,394		487		—			1,881
Total current liabilities	6,638		171,017		38,650		—			216,305
Long-term debt, net of current portion	505,807		908		35		—			506,750
Long-term loans and payables to affiliates	—		758,492		—		(758,492		)	—
Deferred income taxes, net	—		22,737		8,495		—			31,232
Other long-term liabilities	—		13,907		18,018		—			31,925
Total liabilities	512,445		967,061		65,198		(758,492		)	786,212

Total stockholders’ equity	1,409,016		1,250,593		427,603		(1,678,196		)	1,409,016
Noncontrolling interest in subsidiary	—		—		—		—			—
Total equity	1,409,016		1,250,593		427,603		(1,678,196		)	1,409,016
Total liabilities and equity	$	1,921,461	$	2,217,654	$	492,801	$	(2,436,688	)	$	2,195,228



Condensed consolidating balance sheets

	December 31, 2016
	FET (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
					(in thousands)
Assets
Current assets
Cash and cash equivalents	$	65	$	143,275	$	91,082	$	—		$	234,422
Accounts receivable—trade, net	—		77,229		28,039		—			105,268
Inventories, net	—		269,036		77,987		(8,440		)	338,583
Income tax receivable	—		32,801		—		—			32,801
Cost and profits in excess of billings	—		4,477		4,722		—			9,199
Prepaid expenses and other current assets	—		21,013		8,430		—			29,443
Total current assets	65		547,831		210,260		(8,440		)	749,716
Property and equipment, net of accumulated depreciation	—		127,094		25,118		—			152,212
Deferred financing costs, net	1,112		—		—		—			1,112
Deferred income taxes, net	—		—		851		—			851
Intangibles, net	—		166,437		49,981		—			216,418
Goodwill	—		481,374		171,369		—			652,743
Investment in unconsolidated subsidiary	—		59,140		—		—			59,140
Investment in affiliates	1,080,337		460,166		—		(1,540,503		)	—
Long-term advances to affiliates	557,061		—		71,057		(628,118		)	—
Other long-term assets	—		2,322		678		—			3,000
Total assets	$	1,638,575	$	1,844,364	$	529,314	$	(2,177,061	)	$	1,835,192
Liabilities and equity
Current liabilities
Current portion of long-term debt	$	—	$	23	$	101	$	—		$	124
Accounts payable—trade	—		59,261		14,514		—			73,775
Accrued liabilities	6,708		40,630		8,266		—			55,604
Deferred revenue	—		1,206		7,132		—			8,338
Billings in excess of cost and profit recognized	—		1,799		2,205		—			$	4,004
Total current liabilities	6,708		102,919		32,218		—			141,845
Long-term debt, net of current portion	396,665		—		82		—			396,747
Long-term payables to affiliates	—		628,118		—		(628,118		)	—
Deferred income taxes, net	$	—	$	17,650	$	8,535	$	—		26,185
Other long-term liabilities	—		15,340		19,314		—			34,654
Total liabilities	403,373		764,027		60,149		(628,118		)	599,431

Total stockholders’ equity	1,235,202		1,080,337		468,606		(1,548,943		)	1,235,202
Noncontrolling interest in subsidiary	—		—		559		—			559
Total equity	1,235,202		1,080,337		469,165		(1,548,943		)	1,235,761
Total liabilities and equity	$	1,638,575	$	1,844,364	$	529,314	$	(2,177,061	)	$	1,835,192

Condensed consolidating statements of cash flows



Condensed consolidating statements of cash flows

	Year ended December 31, 2017
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(15,718	)	$	483		$	3,702		$	(28,500	)	$	(40,033	)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(157,297		)	(4,892		)	—			(162,189		)
Capital expenditures for property and equipment	—			(20,499		)	(6,210		)	—			(26,709		)
Long-term loans and advances to affiliates	(86,097		)	22,072			—			64,025			—
Other	—			997			(67		)	—			930
Net cash used in investing activities	(86,097		)	(154,727		)	(11,169		)	64,025			(187,968		)
Cash flows from financing activities
Borrowings under credit facility	107,431			—			—			—			107,431
Repayment of long-term debt	—			—			—			—			—
Long-term loans and advances to affiliates	—			86,097			(22,072		)	(64,025		)	—
Dividend paid to affiliates	—			—			(28,500		)	28,500			—
Repurchases of stock	(4,742		)	—			—			—			(4,742		)
Proceeds from stock issuance	1,491			—			—			—			1,491
Other	(2,430		)	(1,147		)	(40		)	—			(3,617		)
Net cash provided by (used in) financing activities	101,750			84,950			(50,612		)	(35,525		)	100,563
Effect of exchange rate changes on cash	—			—			8,232			—			8,232
Net decrease in cash and cash equivalents	(65		)	(69,294		)	(49,847		)	—			(119,206		)
Cash and cash equivalents
Beginning of period	65			143,275			91,082			—			234,422
End of period	$	—		$	73,981		$	41,235		$	—		$	115,216



Condensed consolidating statements of cash flows

	Year ended December 31, 2016
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(16,882	)	$	31,055		$	73,772		$	(23,203	)	$	64,742
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(4,072		)	—			—			(4,072		)
Capital expenditures for property and equipment	—			(12,033		)	(4,795		)	—			(16,828		)
Long-term loans and advances to affiliates	(69,340		)	12,912			—			56,428			—
Other	—			9,442			321			—			9,763
Net cash provided by (used in) investing activities	(69,340		)	6,249			(4,474		)	56,428			(11,137		)
Cash flows from financing activities
Long-term loans and advances to affiliates	—			69,340			(12,912		)	(56,428		)	—
Dividend paid to affiliates	—			—			(23,203		)	23,203			—
Repurchases of stock	(623		)	—			—			—			(623		)
Proceeds from stock issuance	87,676			—			—			—			87,676
Other	(766		)	(253		)	161			—			(858		)
Net cash provided by (used in) financing activities	86,287			69,087			(35,954		)	(33,225		)	86,195
Effect of exchange rate changes on cash	—			—			(14,627		)	—			(14,627		)
Net increase in cash and cash equivalents	65			106,391			18,717			—			125,173
Cash and cash equivalents
Beginning of period	—			36,884			72,365			—			109,249
End of period	$	65		$	143,275		$	91,082		$	—		$	234,422



Condensed consolidating statements of cash flows

	Year ended December 31, 2015
	FET (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
							(in thousands)
Cash flows from operating activities	$	(17,306	)	$	112,629		$	60,590		$	—		$	155,913
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	—			(60,836		)	—			—			(60,836		)
Capital expenditures for property and equipment	—			(23,035		)	(9,256		)	—			(32,291		)
Long-term loans and advances to affiliates	38,019			41,755			—			(79,774		)	—
Other	—			1,057			764			—			1,821
Net cash provided by (used in) investing activities	38,019			(41,059		)	(8,492		)	(79,774		)	(91,306		)
Cash flows from financing activities
Borrowings under credit facility	94,984			—			—			—			94,984
Repayment of long-term debt	(120,077		)	—			—			—			(120,077		)
Long-term loans and advances to affiliates	—			(38,019		)	(41,755		)	79,774			—
Repurchase of stock	(6,438		)	—			—			—			(6,438		)
Proceeds from stock issuance	5,275			—			—			—			5,275
Other	(8		)	(673		)	—			—			(681		)
Net cash provided by (used in) financing activities	(26,264		)	(38,692		)	(41,755		)	79,774			(26,937		)
Effect of exchange rate changes on cash	—			—			(5,000		)	—			(5,000		)
Net increase (decrease) in cash and cash equivalents	(5,551		)	32,878			5,343			—			32,670
Cash and cash equivalents
Beginning of period	5,551			4,006			67,022			—			76,579
End of period	$	—		$	36,884		$	72,365		$	—		$	109,249

Quarterly results of operations (unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2017
(in thousands, except per share information)	Q1			Q2			Q3			Q4
Net sales	$	171,096		$	201,115		$	198,709		$	247,700
Cost of sales	132,117			151,860			151,150			194,705
Gross profit	38,979			49,255			47,559			52,995
Total operating expenses ⁽¹⁾	61,056			131,779			64,839			73,709
Earnings from equity investment	1,462			2,568			3,361			(6,391		)
Operating loss	(20,615		)	(79,956		)	(13,919		)	(27,105		)
Total other expense ⁽²⁾	8,126			8,987			8,726			(112,155		)
Income (loss) before income taxes	(28,741		)	(88,943		)	(22,645		)	85,050
Provision for income tax expense (benefit)	(12,973		)	(11,070		)	(7,817		)	35,981
Net income (loss)	(15,768		)	(77,873		)	(14,828		)	49,069
Less: loss attributable to noncontrolling interest	—			—			—			—
Net income (loss) attributable to common stockholders	$	(15,768	)	$	(77,873	)	$	(14,828	)	$	49,069

Weighted average shares outstanding
Basic	95,860			96,170			96,275			105,947
Diluted	95,860			96,170			96,275			108,581
Earnings (loss) per share
Basic	$	(0.16	)	$	(0.81	)	$	(0.15	)	$	0.46
Diluted	$	(0.16	)	$	(0.81	)	$	(0.15	)	$	0.45

⁽¹⁾Total Operating expenses in Q2 included $68.0 million goodwill impairment for Subsea reporting unit.

⁽²⁾Total Other expenses in Q4 included $120.4 million gain realized on previously held equity investment



	2016
(in thousands, except per share information)	Q1			Q2			Q3			Q4
Net sales	$	159,441		$	142,723		$	138,268		$	147,203
Cost of sales	124,884			137,442			108,984			116,590
Gross profit	34,557			5,281			29,284			30,613
Total operating expenses	60,147			58,375			55,920			56,069
Earnings from equity investment	577			216			414			617
Operating loss	(25,013		)	(52,878		)	(26,222		)	(24,839		)
Total other expense	8,341			(3,229		)	3,594			341
Loss before income taxes	(33,354		)	(49,649		)	(29,816		)	(25,180		)
Income tax benefit	(10,406		)	(21,147		)	(11,821		)	(12,677		)
Net loss	(22,948		)	(28,502		)	(17,995		)	(12,503		)
Less: Income (loss) attributable to noncontrolling interest	(5		)	35			(6		)	6
Net loss attributable to common stockholders	$	(22,943	)	$	(28,537	)	$	(17,989	)	$	(12,509	)

Weighted average shares outstanding
Basic	90,477			90,707			90,860			91,923
Diluted	90,477			90,707			90,860			91,923
Loss per share
Basic	$	(0.25	)	$	(0.31	)	$	(0.20	)	$	(0.14	)
Diluted	$	(0.25	)	$	(0.31	)	$	(0.20	)	$	(0.14	)

Summary of significant accounting policies (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 03, 2018
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets			$ 0	$ 4,300,000	$ 0
Goodwill and Intangible Asset Impairment [Abstract]
Impairment		$ 68,000,000	$ 68,004,000	0
Estimated useful life, intangible assets			14 years
U.S. tax reform	$ 10,100,000		$ 10,138,000	0	0
Subsea Technologies
Goodwill and Intangible Asset Impairment [Abstract]
Impairment		$ 68,000,000		0	123,200,000
Impairment of intangible assets			$ 1,100,000	$ 0
Subsea Technologies \| Trade names
Goodwill and Intangible Asset Impairment [Abstract]
Impairment of intangible assets					$ 1,900,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment			3 years
Goodwill and Intangible Asset Impairment [Abstract]
Estimated useful life, intangible assets			3 years
Minimum \| Trade names
Goodwill and Intangible Asset Impairment [Abstract]
Estimated useful life, intangible assets			10 years	10 years
Minimum \| Rental Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment			3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment			30 years
Goodwill and Intangible Asset Impairment [Abstract]
Estimated useful life, intangible assets			17 years
Maximum \| Trade names
Goodwill and Intangible Asset Impairment [Abstract]
Estimated useful life, intangible assets			15 years	15 years
Maximum \| Rental Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment			10 years
Ashtead Technology \| Subsequent Event
Property, Plant and Equipment [Line Items]
Ownership percentage in combined business						40.00%

Summary of significant accounting policies (Allowance for doubtful accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of period	$ 3,331	$ 8,119	$ 5,646
Charged to expense	2,903	485	4,358
Deductions or other	(439)	(5,273)	(1,885)
Balance at end of period	$ 5,795	$ 3,331	$ 8,119

Summary of significant accounting policies (Change in warranty liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 3,224	$ 5,697	$ 5,314
Charged to expense	3,172	4,031	5,539
Deductions or other	(2,776)	(6,504)	(5,156)
Balance at end of period	$ 3,620	$ 3,224	$ 5,697

Summary of significant accounting policies (Earnings per share reconciliation) (Details) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic weighted average shares outstanding (in shares)	105,947	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908
Dilutive effect of stock options and restricted share plans (in shares)									0	0	0
Diluted weighted average shares outstanding (in shares)	108,581	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands				3 Months Ended								12 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	Oct. 02, 2017	Jul. 03, 2017	Jan. 09, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Business Acquisition [Line Items]
Net revenues				$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Net income				$ 49,069	$ (14,828)	$ (77,873)	$ (15,768)	$ (12,509)	$ (17,989)	$ (28,537)	$ (22,943)	(59,400)	(81,978)	(119,353)
Transaction expenses												6,511	865	480
Gain realized on previously held equity investment												120,400
Estimated income tax benefit												(19,348)	(48,300)	$ (47,013)
Pro Forma
Business Acquisition [Line Items]
Estimated income tax benefit												45,000	$ 12,000
Innovative Valve Components and Cooper Valves, LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired			100.00%
Total aggregate consideration			$ 14,000
Equity interests issued and issuable			$ 4,500
Multilift
Business Acquisition [Line Items]
Total aggregate consideration		$ 39,200
Total aggregate consideration		$ 39,191
Global Tubing LLC
Business Acquisition [Line Items]
Total aggregate consideration	$ 290,320
Equity interests issued and issuable	173,472
Net revenues												35,500
Net income												3,800
Transaction expenses	$ 85,084											$ 4,500
J-Mac Tool, Inc.
Business Acquisition [Line Items]
Total aggregate consideration															$ 61,900

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Oct. 02, 2017	Jul. 03, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Business Acquisition [Line Items]
Non-tax-deductible goodwill			$ 755,245	$ 652,743	$ 669,036
Long term liabilities	$ (54)
Multilift
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 3,763
Property and equipment		96
Intangible assets (primarily customer relationships)		17,090
Tax-deductible goodwill		16,472
Non-tax-deductible goodwill		3,099
Current liabilities		(1,329)
Net assets acquired		39,191
Net assets acquired		$ 39,200
Global Tubing LLC
Business Acquisition [Line Items]
Accounts Receivable	28,044
Inventory	40,005
Current assets, net of cash acquired	3,141
Property and equipment	51,585
Intangible assets (primarily customer relationships)	228,190
Tax-deductible goodwill	69,423
Non-tax-deductible goodwill	64,491
Current liabilities	(16,005)
Total net assets	468,820
Fair value of equity method investment previously held	(178,500)
Net assets acquired	$ 290,320
J-Mac Tool, Inc.
Business Acquisition [Line Items]
Current assets, net of cash acquired						$ 36,174
Property and equipment						11,506
Intangible assets (primarily customer relationships)						10,400
Tax-deductible goodwill						13,977
Current liabilities						(10,129)
Long term liabilities						(22)
Net assets acquired						$ 61,900

Acquisitions (Pro Forma) (Details) - Global Tubing LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	$ 901,856	$ 659,108
Net loss attributable to common stockholders	$ (125,204)	$ (101,173)

Acquisitions (Stock Consideration in Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 02, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Global Tubing debt repaid at acquisition		$ 6,511	$ 865	$ 480
Global Tubing LLC
Business Acquisition [Line Items]
Offer per share	$ 15.10
Multiplied by number of shares issued for acquisition	11,488,208
Common shares	$ 173,472
Consideration paid via cash	31,764
Global Tubing debt repaid at acquisition	85,084	$ 4,500
Total Consideration paid for the acquisition	$ 290,320

Investment in unconsolidated subsidiary (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Current assets	$ 790,381	$ 749,716
Current liabilities	216,305	141,845
Global Tubing LLC
Schedule of Equity Method Investments [Line Items]
Current assets	0	48,194
Long-term assets	0	142,682
Current liabilities	0	11,918
Long-term liabilities	$ 0	$ 80,500

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(14))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(10))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(11))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(16))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Investment in unconsolidated subsidiary (Income Statement) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 03, 2018
Schedule of Equity Method Investments [Line Items]
Net revenues		$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Gross profit		52,995	47,559	49,255	38,979	30,613	29,284	5,281	34,557	188,788	99,735	262,677
Net loss		49,069	(14,828)	(77,873)	(15,768)	(12,503)	(17,995)	(28,502)	(22,948)	(59,400)	(81,948)	(119,384)
The Company’s earnings from equity investment		$ (6,391)	$ 3,361	$ 2,568	$ 1,462	$ 617	$ 414	$ 216	$ 577	1,000	1,824	14,824
Global Tubing LLC
Schedule of Equity Method Investments [Line Items]
Net revenues										83,236	71,473	103,532
Gross profit										54,019	16,899	45,333
Net loss										2,130	3,795	30,888
The Company’s earnings from equity investment										$ 1,000	$ 1,824	$ 14,824
Additional contribution to investment in subsidiary	$ 1,000
Ashtead Technology \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage in combined business													40.00%

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials and parts	$ 160,093	$ 106,329
Work in process	51,941	23,303
Finished goods	305,461	277,303
Gross inventories	517,495	406,935
Inventory reserve	(74,318)	(68,352)	$ (77,888)	$ (29,456)
Inventories	$ 443,177	$ 338,583

Inventories (Inventory reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventory Valuation Reserves Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 68,352	$ 77,888	$ 29,456
Charged to expense	14,620	25,537	51,917
Deductions or other	(8,654)	(35,073)	(3,485)
Balance at end of period	$ 74,318	$ 68,352	$ 77,888

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 343,569	$ 279,043
Less: accumulated depreciation	(160,787)	(143,677)
Property & equipment, net	182,782	135,366
Property & equipment, net	197,281	152,212
Depreciation expense	$ 34,401	35,636	$ 38,388
Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	30 years
Land
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 12,408	10,157
Buildings and leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 90,909	75,947
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	30 years
Computer equipment
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 42,074	42,248
Computer equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Computer equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Machinery & equipment
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 169,203	131,860
Machinery & equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Machinery & equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	10 years
Furniture & fixtures
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 6,338	5,626
Furniture & fixtures \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Furniture & fixtures \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	10 years
Vehicles
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 8,048	8,660
Vehicles \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Vehicles \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Construction in progress
Property, Plant and Equipment, Net [Abstract]
Property & equipment, excluding rental equipment, gross	$ 14,589	4,545
Rental equipment
Property, Plant and Equipment, Net [Abstract]
Rental equipment	70,679	69,475
Less: accumulated depreciation	(56,180)	(52,629)
Property & equipment, net	$ 14,499	$ 16,846
Rental equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Rental equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	10 years

Goodwill and intangible assets (Schedule of Goodwill) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill Balance at January 1, net		$ 652,743,000	$ 669,036,000
Acquisitions, net of dispositions		155,080,000	0
Impairment	$ (68,000,000)	(68,004,000)	0
Impact of non-U.S. local currency translation		15,426,000	(16,293,000)
Goodwill Balance at December 31, net		755,245,000	652,743,000
Operating Segments \| Drilling & Subsea
Goodwill [Roll Forward]
Goodwill Balance at January 1, net		307,806,000	324,995,000
Acquisitions, net of dispositions		0	0
Impairment		(68,004,000)	0
Impact of non-U.S. local currency translation		11,652,000	(17,189,000)
Goodwill Balance at December 31, net		251,454,000	307,806,000
Operating Segments \| Completions
Goodwill [Roll Forward]
Goodwill Balance at January 1, net		327,293,000	326,514,000
Acquisitions, net of dispositions		153,485,000	0
Impairment		0	0
Impact of non-U.S. local currency translation		3,567,000	779,000
Goodwill Balance at December 31, net		484,345,000	327,293,000
Operating Segments \| Production & Infrastructure
Goodwill [Roll Forward]
Goodwill Balance at January 1, net		17,644,000	17,527,000
Acquisitions, net of dispositions		1,595,000	0
Impairment		0	0
Impact of non-U.S. local currency translation		207,000	117,000
Goodwill Balance at December 31, net		$ 19,446,000	$ 17,644,000

Goodwill and intangible assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	14 years
Accumulated amortization	$ (199,853)	$ (166,218)
Intangible Assets Total, Gross carrying amount	642,917	382,636
Intangible Assets Total, Net amortizable intangibles	443,064	216,418
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		5,230
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	428,544	270,586
Accumulated amortization	(138,566)	(115,381)
Net amortizable intangibles	289,978	155,205
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	110,910	33,936
Accumulated amortization	(16,733)	(12,225)
Net amortizable intangibles	94,177	21,711
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,625	6,230
Accumulated amortization	(6,041)	(5,594)
Net amortizable intangibles	584	636
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	64,359	44,494
Accumulated amortization	(22,090)	(17,944)
Net amortizable intangibles	42,269	26,550
Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	22,160	22,160
Accumulated amortization	(16,338)	(15,074)
Net amortizable intangibles	5,822	$ 7,086
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	10,319
Accumulated amortization	(85)
Net amortizable intangibles	$ 10,234
Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	17 years
Maximum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years	15 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	17 years	17 years
Maximum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	6 years	6 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years	15 years
Maximum \| Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years	15 years
Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	3 years
Minimum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	4 years	4 years
Minimum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	5 years	5 years
Minimum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	3 years	3 years
Minimum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	10 years	10 years
Minimum \| Distributor relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	8 years	8 years
Minimum \| Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years

Goodwill and intangible assets (Schedule of Amortization Expense) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Estimated future amortization expense
2018	$ 44,163
2019	43,976
2020	41,809
2021	41,244
2022	$ 37,127

Goodwill and intangible assets (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Impairment	$ 68,000,000	$ 68,004,000	$ 0
Accumulated impairment loss on goodwill		236,800,000	168,800,000	$ 168,800,000
Amortization of intangible assets		$ 30,728,000	26,124,000	27,295,000
Amortization period		14 years
Subsea Technologies
Finite-Lived Intangible Assets [Line Items]
Impairment	$ 68,000,000		0	123,200,000
Impairment of intangible assets		$ 1,100,000	$ 0
Trade names \| Subsea Technologies
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets				1,900,000
Trade names \| Drilling & Subsea
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets				$ 1,900,000

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 507,906	$ 396,871
Unamortized debt premium	1,583	1,989
Debt issuance cost	(4,222)	(5,324)
Less: current maturities	(1,156)	(124)
Long-term debt	506,750	396,747
Senior unsecured notes due October 2021
Debt Instrument [Line Items]
Total debt	400,000	400,000
Senior secured revolving credit facility
Debt Instrument [Line Items]
Total debt		0
Other debt
Debt Instrument [Line Items]
Total debt	$ 2,099	$ 206

Debt (Schedule of Future Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2018	$ 1,156
2019	943
2020	0
2021	508,446
2022	0
Thereafter	0
Total future payment	510,545
Add: Unamortized debt premium	1,583	$ 1,989
Less: Debt issuance cost	(4,222)	(5,324)
Total debt	$ 507,906	$ 396,871

Debt (Narrative) (Details)		12 Months Ended
Debt (Narrative) (Details)	Nov. 30, 2013 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Oct. 31, 2017 USD ($)	Oct. 30, 2017 USD ($)	Dec. 12, 2016 USD ($)	Dec. 11, 2016 USD ($)	Oct. 31, 2013 USD ($)
Debt Instrument [Line Items]
Debt instrument, carrying value		$ 507,906,000	$ 396,871,000
Amortization of deferred loan costs		1,700,000	1,900,000	$ 2,600,000
Deferred loan costs written off		$ 0	2,978,000	$ 0
2017 Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate (percentage)		3.56%
Revolving Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, accordion feature, increase limit						$ 100,000,000.0
Revolving Credit Facility \| 2017 Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| 2017 Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility \| 2017 Credit Facility \| CDOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Debt Instrument, Redemption, Period Three \| Revolving Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Debt Instrument, Redemption, Period Four \| Revolving Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
Debt Instrument, Redemption, Period Five \| Revolving Credit Facility \| 2017 Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Debt Instrument, Redemption, Period Five \| Revolving Credit Facility \| 2017 Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.25%
Senior unsecured notes due October 2021
Debt Instrument [Line Items]
Debt, face amount	$ 100,000,000.0								$ 300,000,000.0
Debt instrument, stated interest rate									6.25%
Debt instrument, issuance price of par, percentage	103.25%
Proceeds from issuance of senior debt	$ 394,000,000
Debt instrument, carrying value		$ 400,000,000	400,000,000
Senior unsecured notes due October 2021 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage		103.125%
Senior unsecured notes due October 2021 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage		101.563%
Senior unsecured notes due October 2021 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Senior secured revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000
Debt instrument, carrying value			$ 0
Remaining borrowing capacity		$ 184,000,000
Percentage of borrowing base		10.00%
Senior secured revolving credit facility \| Maximum
Debt Instrument [Line Items]
Springing fixed charge coverage ratio		1.00
Senior secured revolving credit facility \| Minimum
Debt Instrument [Line Items]
Springing fixed charge coverage ratio		1.00
Senior secured revolving credit facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity		$ 299,400,000
Debt instrument, carrying value		108,446,000
Senior secured revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity						140,000,000.0
Maximum borrowing capacity					$ 300,000,000.0	300,000,000.0	$ 140,000,000.0	$ 600,000,000.0
Deferred financing costs					$ 2,400,000
Senior secured revolving credit facility \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						25,000,000.0
Senior secured revolving credit facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						30,000,000.0
Senior secured revolving credit facility \| Letter of Credit \| 2017 Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		$ 7,000,000
Senior secured revolving credit facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 3,000,000.0
Senior secured revolving credit facility \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Minimum leverage ratio		0.0175
Senior secured debt to adjusted EBITDA ratio		0.0225
Senior secured revolving credit facility \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Minimum leverage ratio		1.00
Senior secured debt to adjusted EBITDA ratio		4.00
Senior secured revolving credit facility \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Minimum leverage ratio		0.02
Senior secured debt to adjusted EBITDA ratio		0.015
Percentage of borrowing base		50.00%
Senior secured revolving credit facility \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Percentage of borrowing base		50.00%
Senior secured revolving credit facility \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Minimum leverage ratio		1.00
Senior secured debt to adjusted EBITDA ratio		4.00

Income taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
U.S.									$ (3,015)	$ (155,058)	$ (114,862)
Non-U.S.									(52,264)	17,059	(19,461)
Loss before income taxes	$ 85,050	$ (22,645)	$ (88,943)	$ (28,741)	$ (25,180)	$ (29,816)	$ (49,649)	$ (33,354)	$ (55,279)	$ (137,999)	$ (134,323)

Income taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
U.S. Federal and state									$ (1,426)	$ (38,589)	$ 43
Non-U.S.									5,398	6,956	8,264
Total current									3,972	(31,633)	8,307
Deferred
U.S. Federal and state									6,415	(18,290)	(19,071)
Non-U.S.									(6,266)	(6,128)	(4,175)
Total deferred									149	(24,418)	(23,246)
Provision for income tax expense (benefit)	$ 35,981	$ (7,817)	$ (11,070)	$ (12,973)	$ (12,677)	$ (11,821)	$ (21,147)	$ (10,406)	$ 4,121	$ (56,051)	$ (14,939)

Income taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income tax expense at the statutory rate									$ (19,348)	$ (48,300)	$ (47,013)
State taxes, net of federal tax benefit									(294)	(1,425)	(1,157)
Non-U.S. operations									6,337	(5,791)	6,300
Domestic incentives									(254)	(170)	(250)
Prior year federal, non-U.S. and state tax									(1,283)	(777)	(518)
Nondeductible expenses									644	345	279
Goodwill impairment									14,731	0	27,210
Global Tubing acquisition									(9,160)	0	0
U.S. tax reform	$ 10,100								10,138	0	0
U.K. valuation allowance									4,523	0	0
Other									(1,913)	67	210
Provision for income tax expense (benefit)	$ 35,981	$ (7,817)	$ (11,070)	$ (12,973)	$ (12,677)	$ (11,821)	$ (21,147)	$ (10,406)	$ 4,121	$ (56,051)	$ (14,939)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense at the statutory rate									(35.00%)	(35.00%)	(35.00%)
State taxes, net of federal tax benefit									(0.50%)	(1.00%)	(0.90%)
Non-U.S. operations									11.50%	(4.20%)	4.70%
Domestic incentives									(0.50%)	(0.10%)	(0.20%)
Prior year federal, non-U.S. and state tax									(2.30%)	(0.60%)	(0.40%)
Nondeductible expenses									1.20%	0.30%	0.20%
Goodwill impairment									26.60%	(0.00%)	20.30%
Global Tubing acquisition									(16.60%)	(0.00%)	(0.00%)
U.S. tax reform									18.30%	(0.00%)	(0.00%)
U.K. valuation allowance									8.20%	(0.00%)	(0.00%)
Other									(3.40%)	(0.00%)	0.20%
Provision for income tax expense (benefit)									7.50%	(40.60%)	(11.10%)

Income taxes (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Reserves and accruals	$ 5,932	$ 6,603
Inventory	20,836	24,677
Stock awards	6,235	10,984
Net operating loss and other tax credit carryforwards	31,164	30,317
Other	1,419	982
Total deferred tax assets	65,586	73,563
Valuation allowance	(4,523)	0
Total deferred tax assets	61,063	73,563
Deferred tax liabilities
Property and equipment	(12,172)	(13,593)
Goodwill and intangible assets	(76,454)	(73,074)
Investment in unconsolidated subsidiary	0	(10,000)
Unremitted non-U.S. earnings	0	(740)
Prepaid expenses and other	(325)	(1,490)
Total deferred tax liabilities	(88,951)	(98,897)
Net deferred tax liabilities	$ (27,888)	$ (25,334)

Income taxes (Uncertain Tax Positions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 14,220
Additional based on tax positions related to current year	1,490
Lapse of statute of limitations	(942)
Ending Balance	$ 14,768

Income taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Loss and Tax Credit Carryforwards [Line Items]
Effective income tax rate		(7.50%)	40.60%	11.10%
U.S. tax reform	$ 10,100	$ 10,138	$ 0	$ 0
Goodwill impairment		14,731	0	27,210
Global Tubing acquisition		(9,160)	0	0
U.K. valuation allowance		4,523	0	$ 0
Provisional estimate related to deemed repatriation	27,700	27,700
Domestic operating loss carryforwards	72,300	72,300
State operating loss carryforwards	5,100	5,100
Foreign operating loss carryforwards	66,900	66,900
Foreign tax credit carryforward	5,000	5,000
Unrecognized tax benefits	14,768	14,768	14,220
Decrease in unrecognized tax benefits is reasonably possible	3,100	3,100
Accrued interest and penalties	$ 600	600	$ 500
Non-U.S.
Operating Loss and Tax Credit Carryforwards [Line Items]
U.K. valuation allowance		4,500
U.S.
Operating Loss and Tax Credit Carryforwards [Line Items]
Tax benefit from measurement of deferred tax liabilities		17,600
Global Tubing LLC
Operating Loss and Tax Credit Carryforwards [Line Items]
Global Tubing acquisition		$ (9,200)
Ownership percentage in combined business	52.00%	52.00%
Subsea Technologies
Operating Loss and Tax Credit Carryforwards [Line Items]
Goodwill impairment		$ 14,700

Fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 507,906	$ 396,871
Senior secured revolving credit facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value		0
Senior unsecured notes due October 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	400,000	400,000
Senior unsecured notes due October 2021 \| Significant other observable inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	400,000	402,000
Debt instrument, fair value	$ 402,000	$ 402,000

Commitments and contingencies (Details)	1 Months Ended	12 Months Ended
Commitments and contingencies (Details)	Jan. 31, 2011 insurer	Dec. 31, 2017 USD ($) defendant case	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Loss Contingencies [Line Items]
Rent expense		$ 19,300,000	$ 18,600,000	$ 20,900,000
Amount of letters of credit		$ 7,900,000
Asbestos Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant		40
Asbestos Litigation
Loss Contingencies [Line Items]
Annual out-of-pocket costs (less than)		$ 200,000	$ 200,000	$ 200,000	$ 200,000	$ 200,000
New claims filed each year (fewer than) \| case		50
Pending lawsuits (fewer than) \| case		150
Face amount of insurance coverage per occurrence (over)		$ 17,000,000
Aggregate primary insurance coverage (over)		23,000,000
Face amount of excess coverage (over)		$ 950,000,000
Number of primary insurers under settlement agreement \| insurer	7
Percentage of costs of handling and settling each claim covered by insurance	80.00%

Commitments and contingencies (Operating Leases) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	$ 17,421
2019	15,060
2020	12,512
2021	10,369
2022	9,552
Thereafter	6,517
Total future operating lease payments	$ 71,431

Stockholders' equity and employee benefit plans (Equity Offering) (Details) - USD ($) $ in Millions			1 Months Ended
	Oct. 02, 2017	Jan. 09, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Stock issued during the period (in shares)			4,000,000
Cash raised from equity offering			$ 85.1
Innovative Valve Components and Cooper Valves, LLC
Business Acquisition [Line Items]
Multiplied by number of shares issued for acquisition		196,249
Percentage of voting interests acquired		100.00%
Global Tubing LLC
Business Acquisition [Line Items]
Multiplied by number of shares issued for acquisition	11,488,208

Stockholders' equity and employee benefit plans (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee contribution benefit plan expense	$ 5.4	$ 1.4	$ 2.2
Allowable purchase interval duration	6 months
Price per share to fair market value	85.00%

Stockholders' equity and employee benefit plans (Stock Repurchases) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2014
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Shares authorized for repurchase					$ 150,000,000
Treasury stock (in shares)				4.5
Restricted stock issuance	$ 352,000	$ 623,000	$ 838,000	$ 100,200,000

Stock based compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	May 17, 2016	Aug. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					18,500,000.0
Stock based compensation expense	$ 20.3	$ 20.5	$ 21.7
Total compensation cost not yet recognized	$ 37.0
Total compensation cost not yet recognized, period for recognition	2 years
Intrinsic value of options exercised	$ 1.6	$ 1.3	$ 3.9
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term	10 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 19.00	$ 10.28	$ 18.87
Fair value of shares vested	$ 2.3	$ 3.9	$ 5.1
Granted	52,800
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 17.97	$ 9.74	$ 18.06
Fair value of shares vested	$ 10.0	$ 8.4	$ 6.7
Granted	1,273,900
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	124,213
Performance Shares \| Period 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	1 year
Performance Shares \| Period 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	2 years
Performance Shares \| Period 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee performance period	3 years
Minimum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement	0
Maximum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement	2
2016 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				5,700,000
Number of shares available for grant	4,000,000

Stock based compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of shares [Roll Forward]
Number of shares, beginning balance	5,871
Number of shares, granted	279
Number of shares, exercised	(161)
Number of shares, forfeited/expired	(172)
Number of shares, ending balance	5,817	5,871
Number of shares, options exercisable	4,607
Weighted average exercise price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share)	$ 12.42
Weighted average exercise price, granted (in dollars per share)	20.10
Weighted average exercise price, exercised (in dollars per share)	9.24
Weighted average exercise price, forfeited/expired (in dollars per share)	18.50
Weighted average exercise price, ending balance (in dollars per share)	12.66	$ 12.42
Weighted average exercise price, options exercisable (in dollars per share)	$ 12.10
Remaining weighted average contractual life, outstanding	4 years 6 months 24 days	5 years 3 months 10 days
Remaining weighted average contractual life, exercisable	3 years 7 months 25 days
Intrinsic value, options outstanding	$ 28.3	$ 59.1
Intrinsic value, options exercisable	$ 24.6

Stock based compensation (Fair Value Assumptions) (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value (in dollars per share)	$ 8.95	$ 3.85	$ 6.36
Expected life (in years)	6 years 3 months	6 years 3 months	6 years 3 months 18 days
Volatility	43.00%	40.00%	33.00%
Dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	2.11%	1.40%	1.81%

Stock based compensation (Restricted Stock) (Details)	12 Months Ended
Stock based compensation (Restricted Stock) (Details)	Dec. 31, 2017 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year	417,700
Granted	52,800
Vested	(177,200)
Forfeited	(1,500)
Nonvested at the end of year	292,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year	1,765,100
Granted	1,273,900
Vested	(599,200)
Forfeited	(214,000)
Nonvested at the end of year	2,226,000

Business segments (Narrative) (Details)	12 Months Ended
Business segments (Narrative) (Details)	Dec. 31, 2017 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	3

Business segments (Income Statement by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Operating income (loss)	$ (27,105)	$ (13,919)	$ (79,956)	$ (20,615)	$ (24,839)	$ (26,222)	$ (52,878)	$ (25,013)	(141,595)	(128,952)	(113,723)
Goodwill and intangible asset impairments									69,062	0	125,092
Transaction expenses									6,511	865	480
Loss on disposal of assets									2,097	2,638	746
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)									(63,925)	(125,449)	12,595
Depreciation and amortization									65,129	61,760	65,683
Capital expenditures									26,709	16,828	32,291
Operating Segments \| Drilling & Subsea
Segment Reporting Information [Line Items]
Net sales									234,742	224,447	469,778
Operating income (loss)									(31,563)	(53,055)	2,721
Depreciation and amortization									25,582	28,827	32,248
Capital expenditures									5,424	7,774	13,788
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Net sales									260,191	131,786	285,177
Operating income (loss)									(6,746)	(45,609)	15,293
Depreciation and amortization									30,512	25,549	25,417
Capital expenditures									6,458	2,557	8,416
Operating Segments \| Production & Infrastructure
Segment Reporting Information [Line Items]
Net sales									327,287	233,754	320,442
Operating income (loss)									7,811	655	22,658
Depreciation and amortization									8,608	6,738	7,377
Capital expenditures									6,855	1,953	3,102
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net sales									(3,600)	(2,352)	(1,745)
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)									(33,427)	(27,440)	(28,077)
Depreciation and amortization									427	646	641
Capital expenditures									$ 7,972	$ 4,544	$ 6,985

Business segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Assets	$ 2,195,228	$ 1,835,192
Operating Segments
Segment Reporting Information [Line Items]
Assets	2,195,228	1,835,192	$ 1,886,042
Operating Segments \| Drilling & Subsea
Segment Reporting Information [Line Items]
Assets	645,254	766,234	867,801
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	1,202,379	696,208	773,268
Operating Segments \| Production & Infrastructure
Segment Reporting Information [Line Items]
Assets	251,685	175,940	187,741
Corporate
Segment Reporting Information [Line Items]
Assets	$ 95,910	$ 196,810	$ 57,232

Business segments (Revenue by Shipping Location) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 818,620	$ 587,635	$ 1,073,652
Percentage of net sales									100.00%	100.00%	100.00%
Sales \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 621,445	$ 361,941	$ 646,928
Percentage of net sales									76.00%	61.70%	60.30%
Sales \| Europe & Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 61,134	$ 77,847	$ 188,414
Percentage of net sales									7.50%	13.20%	17.50%
Sales \| Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 28,694	$ 51,880	$ 69,923
Percentage of net sales									3.50%	8.80%	6.50%
Sales \| Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 25,634	$ 25,975	$ 59,680
Percentage of net sales									3.10%	4.40%	5.60%
Sales \| Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 60,898	$ 42,520	$ 57,837
Percentage of net sales									7.40%	7.20%	5.40%
Sales \| Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									$ 20,815	$ 27,472	$ 50,870
Percentage of net sales									2.50%	4.70%	4.70%

Business segments (Long-lived Assets by Geographic Location) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,404,847	$ 1,085,476	$ 1,168,230
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,087,381	809,545	869,388
Europe & Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	213,008	184,768	202,852
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,984	7,855	8,192
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,362	3,175	3,189
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	88,280	79,403	83,688
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 832	$ 730	$ 921

Business segments (Revenue by Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue from External Customer [Line Items]
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Sales
Revenue from External Customer [Line Items]
Net sales									$ 818,620	$ 587,635	$ 1,073,652
Percentage of net sales									100.00%	100.00%	100.00%
Operating Segments \| Sales \| Drilling Technologies
Revenue from External Customer [Line Items]
Net sales									$ 169,045	$ 136,033	$ 280,688
Percentage of net sales									20.60%	23.10%	26.10%
Operating Segments \| Sales \| Subsea Technologies
Revenue from External Customer [Line Items]
Net sales									$ 65,697	$ 88,414	$ 189,090
Percentage of net sales									8.00%	15.00%	17.60%
Operating Segments \| Sales \| Downhole Technologies
Revenue from External Customer [Line Items]
Net sales									$ 76,010	$ 59,545	$ 124,473
Percentage of net sales									9.30%	10.10%	11.60%
Operating Segments \| Sales \| Stimulation and Intervention
Revenue from External Customer [Line Items]
Net sales									$ 148,665	$ 72,241	$ 160,704
Percentage of net sales									18.20%	12.30%	15.00%
Operating Segments \| Sales \| Coiled Tubing
Revenue from External Customer [Line Items]
Net sales									$ 35,516	$ 0	$ 0
Percentage of net sales									4.30%	0.00%	0.00%
Operating Segments \| Sales \| Production Equipment
Revenue from External Customer [Line Items]
Net sales									$ 124,323	$ 77,166	$ 145,927
Percentage of net sales									15.20%	13.10%	13.60%
Operating Segments \| Sales \| Valve Solutions
Revenue from External Customer [Line Items]
Net sales									$ 202,964	$ 156,588	$ 174,515
Percentage of net sales									24.80%	26.60%	16.30%
Intersegment Eliminations
Revenue from External Customer [Line Items]
Net sales									$ (3,600)	$ (2,352)	$ (1,745)
Intersegment Eliminations \| Sales
Revenue from External Customer [Line Items]
Net sales									$ (3,600)	$ (2,352)	$ (1,745)
Percentage of net sales									(0.40%)	(0.20%)	(0.20%)

Condensed consolidating financial statements (Condensed consolidating statements of income and comprehensive income (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	$ 818,620	$ 587,635	$ 1,073,652
Cost of sales	194,705	151,150	151,860	132,117	116,590	108,984	137,442	124,884	629,832	487,900	810,975
Gross profit	52,995	47,559	49,255	38,979	30,613	29,284	5,281	34,557	188,788	99,735	262,677
Operating expenses
Selling, general and administrative expenses									253,713	227,008	264,906
Goodwill and intangible asset impairments									69,062	0	125,092
Transaction expenses									6,511	865	480
(Gain) loss on sale of assets									2,097	2,638	746
Total operating expenses	73,709	64,839	131,779	61,056	56,069	55,920	58,375	60,147	331,383	230,511	391,224
Earnings from equity investment	(6,391)	3,361	2,568	1,462	617	414	216	577	1,000	1,824	14,824
Equity earnings from affiliate, net of tax									0	0	0
Operating loss	(27,105)	(13,919)	(79,956)	(20,615)	(24,839)	(26,222)	(52,878)	(25,013)	(141,595)	(128,952)	(113,723)
Other expense (income)
Interest expense									26,808	27,410	29,945
Foreign exchange gains and other, net									7,268	(21,341)	(9,345)
Gain realized on previously held equity investment									(120,392)	0	0
Deferred loan costs written off									0	2,978	0
Total other expense (income)	(112,155)	8,726	8,987	8,126	341	3,594	(3,229)	8,341	(86,316)	9,047	20,600
Loss before income taxes	85,050	(22,645)	(88,943)	(28,741)	(25,180)	(29,816)	(49,649)	(33,354)	(55,279)	(137,999)	(134,323)
Provision (benefit) for income taxes	35,981	(7,817)	(11,070)	(12,973)	(12,677)	(11,821)	(21,147)	(10,406)	4,121	(56,051)	(14,939)
Net loss	49,069	(14,828)	(77,873)	(15,768)	(12,503)	(17,995)	(28,502)	(22,948)	(59,400)	(81,948)	(119,384)
Less: Income (loss) attributable to noncontrolling interest	0	0	0	0	6	(6)	35	(5)	0	30	(31)
Net loss attributable to common stockholders	49,069	(14,828)	(77,873)	(15,768)	(12,509)	(17,989)	(28,537)	(22,943)	(59,400)	(81,978)	(119,353)
Other comprehensive income (loss), net of tax:
Net loss	$ 49,069	$ (14,828)	$ (77,873)	$ (15,768)	$ (12,503)	$ (17,995)	$ (28,502)	$ (22,948)	(59,400)	(81,948)	(119,384)
Change in foreign currency translation, net of tax of $0									36,163	(45,722)	(45,270)
Change in pension liability									107	(335)	46
Comprehensive income (loss)									(23,130)	(128,005)	(164,608)
Less: comprehensive loss (income) attributable to noncontrolling interests									0	(162)	168
Comprehensive income (loss) attributable to common stockholders									(23,130)	(128,167)	(164,440)
Reportable Legal Entities \| FET (Parent)
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									0	0	0
Cost of sales									0	0	0
Gross profit									0	0	0
Operating expenses
Selling, general and administrative expenses									0	0	0
Goodwill and intangible asset impairments									0		0
Transaction expenses									0		0
(Gain) loss on sale of assets									0		0
Total operating expenses									0	0	0
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									(41,253)	(62,180)	(99,908)
Operating loss									(41,253)	(62,180)	(99,908)
Other expense (income)
Interest expense									27,919	27,480	29,914
Foreign exchange gains and other, net									0	0	0
Gain realized on previously held equity investment									0
Deferred loan costs written off									0	2,978
Total other expense (income)									27,919	30,458	29,914
Loss before income taxes									(69,172)	(92,638)	(129,822)
Provision (benefit) for income taxes									(9,772)	(10,660)	(10,469)
Net loss									(59,400)	(81,978)	(119,353)
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net loss attributable to common stockholders									(59,400)	(81,978)	(119,353)
Other comprehensive income (loss), net of tax:
Net loss									(59,400)	(81,978)	(119,353)
Change in foreign currency translation, net of tax of $0									36,163	(45,722)	(45,270)
Change in pension liability									107	(335)	46
Comprehensive income (loss)									(23,130)	(128,035)	(164,577)
Less: comprehensive loss (income) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									(23,130)	(128,035)	(164,577)
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									703,409	436,785	810,890
Cost of sales									550,931	375,509	646,076
Gross profit									152,478	61,276	164,814
Operating expenses
Selling, general and administrative expenses									205,672	187,974	201,904
Goodwill and intangible asset impairments									33,301		57,392
Transaction expenses									6,521	825	480
(Gain) loss on sale of assets									1,981	2,616	943
Total operating expenses									247,475	191,415	260,719
Earnings from equity investment									1,000	1,824	14,824
Equity earnings from affiliate, net of tax									(53,682)	14,663	(28,419)
Operating loss									(147,679)	(113,652)	(109,500)
Other expense (income)
Interest expense									(569)	(110)	10
Foreign exchange gains and other, net									(118)	(5,264)	(479)
Gain realized on previously held equity investment									(120,392)
Deferred loan costs written off									0	0
Total other expense (income)									(121,079)	(5,374)	(469)
Loss before income taxes									(26,600)	(108,278)	(109,031)
Provision (benefit) for income taxes									14,653	(46,098)	(9,123)
Net loss									(41,253)	(62,180)	(99,908)
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net loss attributable to common stockholders									(41,253)	(62,180)	(99,908)
Other comprehensive income (loss), net of tax:
Net loss									(41,253)	(62,180)	(99,908)
Change in foreign currency translation, net of tax of $0									36,163	(45,722)	(45,270)
Change in pension liability									107	(335)	46
Comprehensive income (loss)									(4,983)	(108,237)	(145,132)
Less: comprehensive loss (income) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									(4,983)	(108,237)	(145,132)
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									182,417	198,684	369,186
Cost of sales									145,743	161,190	269,900
Gross profit									36,674	37,494	99,286
Operating expenses
Selling, general and administrative expenses									48,041	39,034	63,002
Goodwill and intangible asset impairments									35,761		67,700
Transaction expenses									(10)	40	0
(Gain) loss on sale of assets									116	22	(197)
Total operating expenses									83,908	39,096	130,505
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									0	0	0
Operating loss									(47,234)	(1,602)	(31,219)
Other expense (income)
Interest expense									(542)	40	21
Foreign exchange gains and other, net									7,386	(16,077)	(8,866)
Gain realized on previously held equity investment									0
Deferred loan costs written off									0	0
Total other expense (income)									6,844	(16,037)	(8,845)
Loss before income taxes									(54,078)	14,435	(22,374)
Provision (benefit) for income taxes									(760)	707	4,653
Net loss									(53,318)	13,728	(27,027)
Less: Income (loss) attributable to noncontrolling interest									0	30	(31)
Net loss attributable to common stockholders									(53,318)	13,698	(26,996)
Other comprehensive income (loss), net of tax:
Net loss									(53,318)	13,728	(27,027)
Change in foreign currency translation, net of tax of $0									36,163	(45,722)	(45,270)
Change in pension liability									107	(335)	46
Comprehensive income (loss)									(17,048)	(32,329)	(72,251)
Less: comprehensive loss (income) attributable to noncontrolling interests									0	(162)	168
Comprehensive income (loss) attributable to common stockholders									(17,048)	(32,491)	(72,083)
Eliminations
Condensed Statements of Income and Comprehensive Income [Line Items]
Net sales									(67,206)	(47,834)	(106,424)
Cost of sales									(66,842)	(48,799)	(105,001)
Gross profit									(364)	965	(1,423)
Operating expenses
Selling, general and administrative expenses									0	0	0
Goodwill and intangible asset impairments									0		0
Transaction expenses									0		0
(Gain) loss on sale of assets									0		0
Total operating expenses									0	0	0
Earnings from equity investment									0	0	0
Equity earnings from affiliate, net of tax									94,935	47,517	128,327
Operating loss									94,571	48,482	126,904
Other expense (income)
Interest expense									0	0	0
Foreign exchange gains and other, net									0	0	0
Gain realized on previously held equity investment									0
Deferred loan costs written off									0	0
Total other expense (income)									0	0	0
Loss before income taxes									94,571	48,482	126,904
Provision (benefit) for income taxes									0	0	0
Net loss									94,571	48,482	126,904
Less: Income (loss) attributable to noncontrolling interest									0	0	0
Net loss attributable to common stockholders									94,571	48,482	126,904
Other comprehensive income (loss), net of tax:
Net loss									94,571	48,482	126,904
Change in foreign currency translation, net of tax of $0									(72,326)	91,444	90,540
Change in pension liability									(214)	670	(92)
Comprehensive income (loss)									22,031	140,596	217,352
Less: comprehensive loss (income) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to common stockholders									$ 22,031	$ 140,596	$ 217,352

Condensed consolidating financial statements (Condensed consolidating balance sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 115,216	$ 234,422	$ 109,249	$ 76,579
Accounts receivable—trade, net	202,914	105,268
Inventories, net	443,177	338,583
Income tax receivable	1,872	32,801
Costs and estimated profits in excess of billings	9,584	9,199
Prepaid expenses and other current assets	17,618	29,443
Total current assets	790,381	749,716
Property and equipment, net of accumulated depreciation	197,281	152,212
Deferred financing costs, net	2,900	1,112
Deferred income taxes, net	3,344	851
Intangibles, net	443,064	216,418
Goodwill	755,245	652,743	669,036
Investment in unconsolidated subsidiary	0	59,140
Investment in affiliates	0	0
Long-term loan and advances to affiliates	0	0
Other long-term assets	3,013	3,000
Total assets	2,195,228	1,835,192
Current liabilities
Current portion of long-term debt	1,156	124
Accounts payable—trade	137,684	73,775
Accrued liabilities	66,765	55,604
Deferred revenue	8,819	8,338
Billings in excess of costs and profits recognized	1,881	4,004
Total current liabilities	216,305	141,845
Long-term debt, net of current portion	506,750	396,747
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	31,232	26,185
Other long-term liabilities	31,925	34,654
Total liabilities	786,212	599,431
Total stockholders’ equity	1,409,016	1,235,202
Noncontrolling interest in subsidiary	0	559
Total equity	1,409,016	1,235,761	1,257,417	1,395,921
Total liabilities and equity	2,195,228	1,835,192
Reportable Legal Entities \| FET (Parent)
Current assets
Cash and cash equivalents	0	65	0	5,551
Accounts receivable—trade, net	0	0
Inventories, net	0	0
Costs and estimated profits in excess of billings	0	0
Prepaid expenses and other current assets	0	0
Total current assets	0	65
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	2,900	1,112
Deferred income taxes, net	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	1,250,593	1,080,337
Long-term loan and advances to affiliates	667,968	557,061
Other long-term assets	0	0
Total assets	1,921,461	1,638,575
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	6,638	6,708
Deferred revenue	0	0
Billings in excess of costs and profits recognized	0	0
Total current liabilities	6,638	6,708
Long-term debt, net of current portion	505,807	396,665
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	512,445	403,373
Total stockholders’ equity	1,409,016	1,235,202
Noncontrolling interest in subsidiary	0	0
Total equity	1,409,016	1,235,202
Total liabilities and equity	1,921,461	1,638,575
Reportable Legal Entities \| Guarantor Subsidiaries
Current assets
Cash and cash equivalents	73,981	143,275	36,884	4,006
Accounts receivable—trade, net	168,162	77,229
Inventories, net	374,527	269,036
Income tax receivable	1,872	32,801
Costs and estimated profits in excess of billings	9,584	4,477
Prepaid expenses and other current assets	10,807	21,013
Total current assets	638,933	547,831
Property and equipment, net of accumulated depreciation	167,407	127,094
Deferred financing costs, net	0	0
Deferred income taxes, net	0
Intangibles, net	390,752	166,437
Goodwill	599,677	481,374
Investment in unconsolidated subsidiary	0	59,140
Investment in affiliates	418,799	460,166
Long-term loan and advances to affiliates	0	0
Other long-term assets	2,086	2,322
Total assets	2,217,654	1,844,364
Current liabilities
Current portion of long-term debt	1,048	23
Accounts payable—trade	117,158	59,261
Accrued liabilities	46,962	40,630
Deferred revenue	4,455	1,206
Billings in excess of costs and profits recognized	1,394	1,799
Total current liabilities	171,017	102,919
Long-term debt, net of current portion	908	0
Long-term loans and payables to affiliates	758,492	628,118
Deferred income taxes, net	22,737	17,650
Other long-term liabilities	13,907	15,340
Total liabilities	967,061	764,027
Total stockholders’ equity	1,250,593	1,080,337
Noncontrolling interest in subsidiary	0	0
Total equity	1,250,593	1,080,337
Total liabilities and equity	2,217,654	1,844,364
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	41,235	91,082	72,365	67,022
Accounts receivable—trade, net	34,752	28,039
Inventories, net	77,454	77,987
Costs and estimated profits in excess of billings	0	4,722
Prepaid expenses and other current assets	6,811	8,430
Total current assets	160,252	210,260
Property and equipment, net of accumulated depreciation	29,874	25,118
Deferred financing costs, net	0	0
Deferred income taxes, net	3,344	851
Intangibles, net	52,312	49,981
Goodwill	155,568	171,369
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	0	0
Long-term loan and advances to affiliates	90,524	71,057
Other long-term assets	927	678
Total assets	492,801	529,314
Current liabilities
Current portion of long-term debt	108	101
Accounts payable—trade	20,526	14,514
Accrued liabilities	13,165	8,266
Deferred revenue	4,364	7,132
Billings in excess of costs and profits recognized	487	2,205
Total current liabilities	38,650	32,218
Long-term debt, net of current portion	35	82
Long-term loans and payables to affiliates	0	0
Deferred income taxes, net	8,495	8,535
Other long-term liabilities	18,018	19,314
Total liabilities	65,198	60,149
Total stockholders’ equity	427,603	468,606
Noncontrolling interest in subsidiary	0	559
Total equity	427,603	469,165
Total liabilities and equity	492,801	529,314
Eliminations
Current assets
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable—trade, net	0	0
Inventories, net	(8,804)	(8,440)
Costs and estimated profits in excess of billings	0	0
Prepaid expenses and other current assets	0	0
Total current assets	(8,804)	(8,440)
Property and equipment, net of accumulated depreciation	0	0
Deferred financing costs, net	0	0
Deferred income taxes, net	0
Intangibles, net	0	0
Goodwill	0	0
Investment in unconsolidated subsidiary	0	0
Investment in affiliates	(1,669,392)	(1,540,503)
Long-term loan and advances to affiliates	(758,492)	(628,118)
Other long-term assets	0	0
Total assets	(2,436,688)	(2,177,061)
Current liabilities
Current portion of long-term debt	0	0
Accounts payable—trade	0	0
Accrued liabilities	0	0
Deferred revenue	0	0
Billings in excess of costs and profits recognized	0	0
Total current liabilities	0	0
Long-term debt, net of current portion	0	0
Long-term loans and payables to affiliates	(758,492)	(628,118)
Deferred income taxes, net	0	0
Other long-term liabilities	0	0
Total liabilities	(758,492)	(628,118)
Total stockholders’ equity	(1,678,196)	(1,548,943)
Noncontrolling interest in subsidiary	0	0
Total equity	(1,678,196)	(1,548,943)
Total liabilities and equity	$ (2,436,688)	$ (2,177,061)

Condensed consolidating financial statements (Condensed consolidating statements of cash flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from operating activities	$ (40,033)	$ 64,742	$ 155,913
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(162,189)	(4,072)	(60,836)
Capital expenditures for property and equipment	(26,709)	(16,828)	(32,291)
Long-term loans and advances to affiliates	0	0	0
Other	930	9,763	1,821
Net cash used in investing activities	(187,968)	(11,137)	(91,306)
Cash flows from financing activities
Borrowings under credit facility	107,431	0	94,984
Repayment of long-term debt	0	0	(120,077)
Long-term loans and advances to affiliates	0		0
Repurchases of stock	(4,742)	(623)	(6,438)
Proceeds from stock issuance	1,491	87,676	5,275
Other	(3,617)	(858)	(681)
Net cash provided by (used in) financing activities	100,563	86,195	(26,937)
Effect of exchange rate changes on cash	8,232	(14,627)	(5,000)
Net increase (decrease) in cash and cash equivalents	(119,206)	125,173	32,670
Cash and cash equivalents
Beginning of period	234,422	109,249	76,579
End of period	115,216	234,422	109,249
Reportable Legal Entities \| FET Inc. (Parent)
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from operating activities	(15,718)	(16,882)	(17,306)
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	0	0
Capital expenditures for property and equipment	0	0	0
Long-term loans and advances to affiliates	(86,097)	(69,340)	38,019
Other	0	0	0
Net cash used in investing activities	(86,097)	(69,340)	38,019
Cash flows from financing activities
Borrowings under credit facility	107,431		94,984
Repayment of long-term debt	0		(120,077)
Long-term loans and advances to affiliates	0	0	0
Repurchases of stock	(4,742)	(623)	(6,438)
Proceeds from stock issuance	1,491	87,676	5,275
Other	(2,430)	(766)	(8)
Net cash provided by (used in) financing activities	101,750	86,287	(26,264)
Effect of exchange rate changes on cash	0	0	0
Net increase (decrease) in cash and cash equivalents	(65)	65	(5,551)
Cash and cash equivalents
Beginning of period	65	0	5,551
End of period	0	65	0
Reportable Legal Entities \| Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from operating activities	483	31,055	112,629
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(157,297)	(4,072)	(60,836)
Capital expenditures for property and equipment	(20,499)	(12,033)	(23,035)
Long-term loans and advances to affiliates	22,072	12,912	41,755
Other	997	9,442	1,057
Net cash used in investing activities	(154,727)	6,249	(41,059)
Cash flows from financing activities
Borrowings under credit facility	0		0
Repayment of long-term debt	0		0
Long-term loans and advances to affiliates	86,097	69,340	(38,019)
Repurchases of stock	0	0	0
Proceeds from stock issuance	0		0
Other	(1,147)	(253)	(673)
Net cash provided by (used in) financing activities	84,950	69,087	(38,692)
Effect of exchange rate changes on cash	0	0	0
Net increase (decrease) in cash and cash equivalents	(69,294)	106,391	32,878
Cash and cash equivalents
Beginning of period	143,275	36,884	4,006
End of period	73,981	143,275	36,884
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from operating activities	3,702	73,772	60,590
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	(4,892)	0	0
Capital expenditures for property and equipment	(6,210)	(4,795)	(9,256)
Long-term loans and advances to affiliates	0	0	0
Other	(67)	321	764
Net cash used in investing activities	(11,169)	(4,474)	(8,492)
Cash flows from financing activities
Borrowings under credit facility	0		0
Repayment of long-term debt	0		0
Long-term loans and advances to affiliates	(22,072)	(12,912)	(41,755)
Dividend paid to affiliates	(28,500)	(23,203)
Repurchases of stock	0	0	0
Proceeds from stock issuance	0		0
Other	(40)	161	0
Net cash provided by (used in) financing activities	(50,612)	(35,954)	(41,755)
Effect of exchange rate changes on cash	8,232	(14,627)	(5,000)
Net increase (decrease) in cash and cash equivalents	(49,847)	18,717	5,343
Cash and cash equivalents
Beginning of period	91,082	72,365	67,022
End of period	41,235	91,082	72,365
Eliminations
Condensed Cash Flow Statements, Captions [Line Items]
Cash flows from operating activities	(28,500)	(23,203)	0
Cash flows from investing activities
Acquisition of businesses, net of cash acquired	0	0	0
Capital expenditures for property and equipment	0	0	0
Long-term loans and advances to affiliates	64,025	56,428	(79,774)
Other	0	0	0
Net cash used in investing activities	64,025	56,428	(79,774)
Cash flows from financing activities
Borrowings under credit facility	0		0
Repayment of long-term debt	0		0
Long-term loans and advances to affiliates	(64,025)	(56,428)	79,774
Dividend paid to affiliates	28,500	23,203
Repurchases of stock	0	0	0
Proceeds from stock issuance	0		0
Other	0	0	0
Net cash provided by (used in) financing activities	(35,525)	(33,225)	79,774
Effect of exchange rate changes on cash	0	0	0
Net increase (decrease) in cash and cash equivalents	0	0	0
Cash and cash equivalents
Beginning of period	0	0	0
End of period	$ 0	$ 0	$ 0

Condensed consolidating financial statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Statements of Income and Comprehensive Income [Line Items]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0
Eliminations
Condensed Statements of Income and Comprehensive Income [Line Items]
Change in foreign currency translation, tax	0	0	0
FET (Parent) \| Reportable Legal Entities
Condensed Statements of Income and Comprehensive Income [Line Items]
Change in foreign currency translation, tax	0	0	0
Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Statements of Income and Comprehensive Income [Line Items]
Change in foreign currency translation, tax	0	0	0
Non-Guarantor Subsidiaries \| Reportable Legal Entities
Condensed Statements of Income and Comprehensive Income [Line Items]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0

Quarterly results of operations (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Goodwill and intangible asset impairments									$ 69,062	$ 0	$ 125,092
Gain realized on previously held equity investment									120,400
Net sales	$ 247,700	$ 198,709	$ 201,115	$ 171,096	$ 147,203	$ 138,268	$ 142,723	$ 159,441	818,620	587,635	1,073,652
Cost of sales	194,705	151,150	151,860	132,117	116,590	108,984	137,442	124,884	629,832	487,900	810,975
Gross profit	52,995	47,559	49,255	38,979	30,613	29,284	5,281	34,557	188,788	99,735	262,677
Total operating expenses	73,709	64,839	131,779	61,056	56,069	55,920	58,375	60,147	331,383	230,511	391,224
Earnings from equity investment	(6,391)	3,361	2,568	1,462	617	414	216	577	1,000	1,824	14,824
Operating loss	(27,105)	(13,919)	(79,956)	(20,615)	(24,839)	(26,222)	(52,878)	(25,013)	(141,595)	(128,952)	(113,723)
Total other expense	(112,155)	8,726	8,987	8,126	341	3,594	(3,229)	8,341	(86,316)	9,047	20,600
Loss before income taxes	85,050	(22,645)	(88,943)	(28,741)	(25,180)	(29,816)	(49,649)	(33,354)	(55,279)	(137,999)	(134,323)
Income tax expense (benefit)	35,981	(7,817)	(11,070)	(12,973)	(12,677)	(11,821)	(21,147)	(10,406)	4,121	(56,051)	(14,939)
Net loss	49,069	(14,828)	(77,873)	(15,768)	(12,503)	(17,995)	(28,502)	(22,948)	(59,400)	(81,948)	(119,384)
Less: loss attributable to noncontrolling interest	0	0	0	0	6	(6)	35	(5)	0	30	(31)
Net loss attributable to common stockholders	$ 49,069	$ (14,828)	$ (77,873)	$ (15,768)	$ (12,509)	$ (17,989)	$ (28,537)	$ (22,943)	$ (59,400)	$ (81,978)	$ (119,353)
Weighted average shares outstanding
Basic (in shares)	105,947	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908
Diluted (in shares)	108,581	96,275	96,170	95,860	91,923	90,860	90,707	90,477	98,689	91,226	89,908
Loss per share
Basic (in dollars per share)	$ 0.46	$ (0.15)	$ (0.81)	$ (0.16)	$ (0.14)	$ (0.20)	$ (0.31)	$ (0.25)	$ (0.60)	$ (0.90)	$ (1.33)
Diluted (in dollars per share)	$ 0.45	$ (0.15)	$ (0.81)	$ (0.16)	$ (0.14)	$ (0.20)	$ (0.31)	$ (0.25)	$ (0.60)	$ (0.90)	$ (1.33)
Subsea Technologies
Segment Reporting Information [Line Items]
Goodwill and intangible asset impairments			$ 68,000

Subsequent Event (Details)	Jan. 03, 2018
Subsequent Event \| Ashtead Technology
Business Acquisition [Line Items]
Ownership percentage in combined business	40.00%