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SEC Filings

10-Q
KEY ENERGY SERVICES INC filed this Form 10-Q on 08/10/2017
Entire Document
 

NOTE 3. ASSETS HELD FOR SALE
In April 2015, we announced our decision to exit markets in which we participate outside of North America. Our strategy is to sell or relocate the assets of the businesses operating in these markets. During the fourth quarter of 2015, the assets and related liabilities of our Russian business unit, which is included in our International reporting segment, met the criteria for assets held for sale. We expect this sale to occur in the third quarter of 2017.
The following assets and related liabilities are classified as held for sale on our June 30, 2017 condensed consolidated balance sheet (in thousands):
Current assets:
 
Cash and cash equivalents
$
616

Accounts receivable
1,401

Inventories
113

Other current assets
35

Total current assets
2,165

Property and equipment, net
535

Total assets
$
2,700

Current liabilities:
 
Accounts payable
$
322

Total current liabilities
322

Net Assets
$
2,378

NOTE 4. EQUITY
A reconciliation of the total carrying amount of our equity accounts for the six months ended June 30, 2017 is as follows (in thousands):
 
COMMON STOCKHOLDERS
 
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Retained Deficit
 
Total
 
Number of Shares
 
Amount at Par
 
 
 
Balance at December 31, 2016 (Successor)
20,096

 
$
201

 
$
252,421

 
$
239

 
$
(10,244
)
 
$
242,617

Foreign currency translation

 

 

 
1,018

 

 
1,018

Common stock purchases

 

 
(54
)
 

 

 
(54
)
Share-based compensation
7

 

 
8,159

 

 

 
8,159

Net loss

 

 

 

 
(60,042
)
 
(60,042
)
Balance at June 30, 2017 (Successor)
20,103

 
$
201

 
$
260,526

 
$
1,257

 
$
(70,286
)
 
$
191,698

NOTE 5. OTHER BALANCE SHEET INFORMATION
The table below presents comparative detailed information about other current assets at June 30, 2017 and December 31, 2016 (in thousands):
 
 
 
 
 
June 30, 2017
 
December 31, 2016
Other current assets:
 
 
 
Prepaid current assets
$
7,175

 
$
10,291

Reinsurance receivable
8,014

 
7,922

Current assets held for sale
2,165

 
3,667

Other
3,765

 
3,882

Total
$
21,119

 
$
25,762


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