Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Income Statement

	Year Ended December 31, 2019
(in thousands)	Apergy Corporation			Subsidiary Guarantors		Subsidiary Non-guarantors			Adjustments and eliminations			Total
Product revenue	$	—		$	884,355	$	116,275		$	—		$	1,000,630
Other revenue	—			120,677		53,830			(43,886		)	130,621
Total revenue	—			1,005,032		170,105			(43,886		)	1,131,251
Cost of goods and services	—			654,440		143,962			(44,255		)	754,147
Gross profit	—			350,592		26,143			369			377,104
Selling, general and administrative expense	271			251,834		23,909			—			276,014
Interest expense, net	38,673			594		34			—			39,301
Other expense, net	—			937		1,666			—			2,603
Income (loss) before income taxes and equity in earnings of affiliates	(38,944		)	97,227		534			369			59,186
Provision for (benefit from) income taxes	(8,906		)	13,934		1,122			76			6,226
Income (loss) before equity in earnings of affiliates	(30,038		)	83,293		(588		)	293			52,960
Equity in earnings of affiliates	82,202			4,313		9,294			(95,809		)	—
Net income	52,164			87,606		8,706			(95,516		)	52,960
Net income attributable to noncontrolling interest	—			—		796			—			796
Net income attributable to Apergy	$	52,164		$	87,606	$	7,910		$	(95,516	)	$	52,164
Comprehensive income attributable to Apergy	$	51,033		$	86,077	$	8,296		$	(94,373	)	$	51,033

	Year Ended December 31, 2018
(in thousands)	Apergy Corporation			Subsidiary Guarantors		Subsidiary Non-guarantors			Adjustments and eliminations			Total
Product revenue	$	—		$	965,057	$	125,161		$	—		$	1,090,218
Other revenue	—			126,508		45,112			(43,682		)	127,938
Total revenue	—			1,091,565		170,273			(43,682		)	1,218,156
Cost of goods and services	—			696,874		147,255			(42,977		)	801,152
Gross profit	—			394,691		23,018			(705		)	417,004
Selling, general and administrative expense	1,614			241,796		21,537			—			264,947
Interest expense, net	26,973			633		42			—			27,648
Other expense, net	—			1,322		1,733			1			3,056
Income before income taxes and equity in earnings of affiliates	(28,587		)	150,940		(294		)	(706		)	121,353
Benefit from income taxes	(8,727		)	38,395		(1,358		)	(148		)	28,162
Income before equity in earnings of affiliates	(19,860		)	112,545		1,064			(558		)	93,191
Equity in earnings of affiliates	112,597			25,652		45,308			(183,557		)	—
Net income	92,737			138,197		46,372			(184,115		)	93,191
Net income attributable to noncontrolling interest	—			—		454			—			454
Net income attributable to Apergy	$	92,737		$	138,197	$	45,918		$	(184,115	)	$	92,737
Comprehensive income attributable to Apergy	$	79,983		$	136,893	$	34,466		$	(171,359	)	$	79,983

	Year Ended December 31, 2017
(in thousands)	Apergy Corporation		Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations			Total
Product revenue	$	—	$	799,337		$	123,355		$	—		$	922,692
Other revenue	—		82,725			41,152			(36,103		)	87,774
Total revenue	—		882,062			164,507			(36,103		)	1,010,466
Cost of goods and services	—		585,592			140,717			(35,911		)	690,398
Gross profit	—		296,470			23,790			(192		)	320,068
Selling, general and administrative expense	—		201,797			19,610			—			221,407
Interest expense, net	—		834			29			—			863
Other expense, net	—		10,169			(726		)	—			9,443
Income before income taxes and equity in loss of affiliates	—		83,670			4,877			(192		)	88,355
Benefit from income taxes	—		(10,510		)	(11,587		)	(67		)	(22,164		)
Income before equity in loss of affiliates	—		94,180			16,464			(125		)	110,519
Equity in earnings of affiliates	109,589		21,294			10,335			(141,218		)	—
Net income	109,589		115,474			26,799			(141,343		)	110,519
Net income attributable to noncontrolling interest	—		—			930			—			930
Net income attributable to Apergy	$	109,589	$	115,474		$	25,869		$	(141,343	)	$	109,589
Comprehensive income attributable to Apergy	$	116,830	$	118,354		$	30,231		$	(148,585	)	$	116,830

Condensed Consolidating Balance Sheet

	December 31, 2019
(in thousands)	Apergy Corporation		Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations			Total
Assets
Cash and cash equivalents	$	108	$	21,705		$	13,477		$	—		$	35,290
Receivables	572		190,101			39,000			(9,799		)	219,874
Inventories, net	—		181,596			31,015			(1,269		)	211,342
Prepaid expenses and other current assets	40		25,571			1,323			—			26,934
Total current assets	720		418,973			84,815			(11,068		)	493,440
Property, plant and equipment, net	—		236,295			11,886			—			248,181
Goodwill	—		639,281			271,832			—			911,113
Advances due from affiliates	495,699		20,582			87,686			(603,967		)	—
Investment in subsidiaries	1,095,712		683,003			552,386			(2,331,101		)	—
Intangible assets, net	—		168,711			69,996			—			238,707
Other assets	3,074		20,426			7,884			—			31,384
Total assets	1,595,205		2,187,271			1,086,485			(2,946,136		)	1,922,825
Liabilities and Equity
Accounts payable	60		102,120			27,910			(9,799		)	120,291
Accrued compensation and employee benefits	—		31,974			6,496			—			38,470
Current portion of finance lease liabilities	—		4,745			100			—			4,845
Accrued expenses and other current liabilities	3,639		28,627			5,078			(1,269		)	36,075
Total current liabilities	3,699		167,466			39,584			(11,068		)	199,681
Advances due to affiliates	—		583,386			20,581			(603,967		)	—
Long-term debt	555,292		4,388			141			—			559,821
Deferred income taxes	—		68,286			15,774			—			84,060
Other long-term liabilities	—		36,610			6,439			—			43,049
Total liabilities	558,991		860,136			82,519			(615,035		)	886,611
Equity:
Stockholders’ capital	1,036,214		1,336,012			1,035,872			(2,331,101		)	1,076,997
Accumulated other comprehensive loss	—		(8,877		)	(35,160		)	—			(44,037		)
Total stockholders’ equity	1,036,214		1,327,135			1,000,712			(2,331,101		)	1,032,960
Noncontrolling interest	—		—			3,254			—			3,254
Total equity	1,036,214		1,327,135			1,003,966			(2,331,101		)	1,036,214
Total liabilities and equity	$	1,595,205	$	2,187,271		$	1,086,485		$	(2,946,136	)	$	1,922,825

	December 31, 2018
(in thousands)	Apergy Corporation		Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations			Total
Assets
Cash and cash equivalents	$	108	$	27,533		$	14,191		$	—		$	41,832
Receivables	1,743		231,718			35,019			(17,044		)	251,436
Inventories, net	—		190,117			30,936			(1,632		)	219,421
Prepaid expenses and other current assets	24,583		15,387			3,106			(24,542		)	18,534
Total current assets	26,434		464,755			83,252			(43,218		)	531,223
Property, plant and equipment, net	—		231,373			12,955			—			244,328
Goodwill	—		633,771			271,214			—			904,985
Advances due from affiliates	600,802		14,185			82,889			(697,876		)	—
Investment in subsidiaries	1,008,325		682,545			540,622			(2,231,492		)	—
Intangible assets, net	—		198,531			85,157			—			283,688
Other assets	3,996		2,818			2,078			—			8,892
Total assets	1,639,557		2,227,978			1,078,167			(2,972,586		)	1,973,116
Liabilities and Equity
Accounts payable	22		123,812			33,335			(17,044		)	140,125
Accrued compensation and employee benefits	—		35,278			5,268			—			40,546
Current portion of finance lease liabilities	—		4,320			—			—			4,320
Accrued expenses and other current liabilities	4,929		46,458			3,548			(26,174		)	28,761
Total current liabilities	4,951		209,868			42,151			(43,218		)	213,752
Intercompany notes payable	—		683,700			14,176			(697,876		)	—
Long-term debt	658,623		4,462			122			—			663,207
Deferred income taxes	—		79,344			20,428			—			99,772
Other long-term liabilities	—		19,441			961			—			20,402
Total liabilities	663,574		996,815			77,838			(741,094		)	997,133
Equity:
Stockholders’ capital	975,983		1,238,517			1,033,423			(2,231,492		)	1,016,431
Accumulated other comprehensive loss	—		(7,354		)	(35,552		)	—			(42,906		)
Total stockholders’ equity	975,983		1,231,163			997,871			(2,231,492		)	973,525
Noncontrolling interest	—		—			2,458			—			2,458
Total equity	975,983		1,231,163			1,000,329			(2,231,492		)	975,983
Total liabilities and equity	$	1,639,557	$	2,227,978		$	1,078,167		$	(2,972,586	)	$	1,973,116

Condensed Consolidating Cash Flow Statement

	Year Ended December 31, 2019
(in thousands)	Apergy Corporation			Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations		Total
Cash provided (required) by operating activities	$	(48,970	)	$	204,877		$	(8	)	$	—	$	155,899
Cash provided (required) by investing activities:
Capital expenditures	—			(37,725		)	(2,055		)	—		(39,780		)
Proceeds from sale of property, plant and equipment	—			4,580			18			—		4,598
Payment on sale of business	—			(2,194		)	—			—		(2,194		)
Acquisitions	—			(12,500		)	—			—		(12,500		)
Net cash required by investing activities	—			(47,839		)	(2,037		)	—		(49,876		)
Cash provided (required) by financing activities:
Proceeds from long-term debt, net of discounts	36,500			—			—			—		36,500
Repayment of long-term debt	(141,500		)	—			—			—		(141,500		)
Advances due to (from) affiliates	153,970			(155,578		)	1,608			—		—
Payments on capital lease obligations	—			(5,493		)	(62		)	—		(5,555		)
Payments related to taxes withheld on stock-based	—			(1,795		)	(53		)	—		(1,848		)
Net cash provided (required) by financing activities	48,970			(162,866		)	1,493			—		(112,403		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(162		)	—		(162		)
Net (increase) decrease in cash and cash equivalents	—			(5,828		)	(714		)	—		(6,542		)
Cash and cash equivalents at beginning of period	108			27,533			14,191			—		41,832
Cash and cash equivalents at end of period	$	108		$	21,705		$	13,477		$	—	$	35,290

	Year Ended December 31, 2018
(in thousands)	Apergy Corporation			Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations			Total
Cash provided (required) by operating activities	$	(51,728	)	$	200,907		$	15,720		$	(999	)	$	163,900
Cash provided (required) by investing activities:
Capital expenditures	—			(55,070		)	(2,848		)	—			(57,918		)
Proceeds from sale of property, plant and equipment	—			1,127			60			—			1,187
Proceeds from the sale of businesses	—			2,473			—			—			2,473
Purchase price adjustments on acquisition	—			—			53			—			53
Net cash required by investing activities	—			(51,470		)	(2,735		)	—			(54,205		)
Cash provided (required) by financing activities:
Proceeds from long-term debt, net of discounts	713,963			—			—			—			713,963
Payment of debt issue costs	(16,006		)	—			—			—			(16,006		)
Repayment of long-term debt	(45,000		)	—			—			—			(45,000		)
Advances due to (from) affiliates	(600,802		)	621,109			(20,307		)	—			—
Distributions to Dover Corporation, net	(319		)	(744,258		)	7,021			999			(736,557		)
Distribution to noncontrolling interest	—			—			(2,720		)	—			(2,720		)
Payments on capital lease obligations	—			(4,518		)	—			—			(4,518		)
Net cash provided (required) by financing activities	51,836			(127,667		)	(16,006		)	999			(90,838		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(737		)	—			(737		)
Net increase (decrease) in cash and cash equivalents	108			21,770			(3,758		)	—			18,120
Cash and cash equivalents at beginning of period	—			5,763			17,949			—			23,712
Cash and cash equivalents at end of period	$	108		$	27,533		$	14,191		$	—		$	41,832

	Year Ended December 31, 2017
(in thousands)	Apergy Corporation		Subsidiary Guarantors			Subsidiary Non-guarantors			Adjustments and eliminations			Total
Cash provided by operating activities	$	—	$	64,422		$	11,561		$	67		$	76,050
Cash provided (required) by investing activities:
Capital expenditures	—		(35,008		)	(1,646		)	—			(36,654		)
Acquisitions, net of cash and cash equivalents acquired	—		—			(8,842		)	—			(8,842		)
Proceeds from sale of property, plant and equipment	—		3,433			114			—			3,547
Net cash required by investing activities	—		(31,575		)	(10,374		)	—			(41,949		)
Cash provided (required) by financing activities:
Change in borrowings, net	—		—			(599		)	—			(599		)
Distributions to Dover Corporation, net	—		(27,124		)	(4,001		)	(67		)	(31,192		)
Distribution to noncontrolling interest	—		—			(1,212		)	—			(1,212		)
Payments of capital lease obligations	—		(3,690		)	—			—			(3,690		)
Net cash required by financing activities	—		(30,814		)	(5,812		)	(67		)	(36,693		)
Effect of exchange rate changes on cash and cash equivalents	—		—			277			—			277
Net increase in cash and cash equivalents	—		2,033			(4,348		)	—			(2,315		)
Cash and cash equivalents at beginning of period	—		3,730			22,297			—			26,027
Cash and cash equivalents at end of period	$	—	$	5,763		$	17,949		$	—		$	23,712