Innovex Downhole Solutions (INVX) 10-Q31 Oct 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Oct. 24, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'DRQ	'
Entity Registrant Name	'DRIL-QUIP INC	'
Entity Central Index Key	'0001042893	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	39,473,139

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$314,964	$384,356
Trade receivables, net	331,572	279,253
Inventories, net	407,916	368,354
Deferred income taxes	22,580	24,951
Prepaids and other current assets	26,937	21,899
Total current assets	1,103,969	1,078,813
Property, plant and equipment, net	310,300	304,806
Other assets	14,761	10,993
Total assets	1,429,030	1,394,612
Current liabilities:	'	'
Accounts payable	48,134	38,801
Accrued income taxes	10,853	13,628
Customer prepayments	57,810	45,025
Accrued compensation	20,956	21,556
Other accrued liabilities	31,672	23,780
Total current liabilities	169,425	142,790
Deferred income taxes	9,496	9,804
Total liabilities	178,921	152,594
Commitments and contingencies (Note 7)	'	'
Stockholders' equity:	'	'
Preferred stock, 10,000,000 shares authorized at $0.01 par value (none issued)	0	0
Common stock: 100,000,000 shares authorized at $0.01 par value, 39,473,809 and 40,822,627 shares issued and outstanding at September 30, 2014 and December 31, 2013	393	407
Additional paid-in capital	62,450	191,965
Retained earnings	1,219,440	1,069,816
Accumulated other comprehensive losses	-32,174	-20,170
Total stockholders' equity	1,250,109	1,242,018
Total liabilities and stockholders' equity	$1,429,030	$1,394,612

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares issued	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	39,473,809	40,822,627
Common stock, shares outstanding	39,473,809	40,822,627

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Products	$198,827	$187,437	$560,742	$536,781
Services	42,923	37,287	115,396	103,129
Total revenues	241,750	224,724	676,138	639,910
Cost and expenses:	'	'	'	'
Products	113,642	113,184	309,181	323,169
Services	21,608	18,947	61,849	58,493
Total cost of sales	135,250	132,131	371,030	381,662
Selling, general and administrative	20,845	29,830	70,300	68,732
Engineering and product development	12,663	10,778	34,295	29,139
Total costs and expenses	168,758	172,739	475,625	479,533
Operating income	72,992	51,985	200,513	160,377
Interest income	206	203	555	486
Interest expense	-3	-4	-15	-24
Income before income taxes	73,195	52,184	201,053	160,839
Income tax provision	17,512	12,189	51,428	38,075
Net income	$55,683	$39,995	$149,625	$122,764
Earnings per common share:	'	'	'	'
Basic	$1.41	$0.98	$3.72	$3.02
Diluted	$1.40	$0.98	$3.70	$3.01
Weighted average common shares outstanding:	'	'	'	'
Basic	39,630	40,683	40,208	40,617
Diluted	39,880	40,911	40,444	40,821

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$55,683	$39,995	$149,625	$122,764
Other comprehensive income (loss), net of tax:	'	'	'	'
Foreign currency translation adjustments	-28,432	16,194	-12,004	-7,940
Total comprehensive income	$27,251	$56,189	$137,621	$114,824

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities	'	'
Net income	$149,625	$122,764
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	22,774	21,717
Stock-based compensation expense	8,640	6,257
(Gain) loss on sale of equipment	-199	122
Deferred income taxes	1,879	-3,443
Changes in operating assets and liabilities:	'	'
Trade receivables, net	-55,169	17,730
Inventories, net	-44,047	-12,075
Prepaids and other assets	-9,375	2,586
Excess tax benefits of stock options and awards	-309	-1,893
Accounts payable and accrued expenses	28,765	-12,911
Net cash provided by operating activities	102,584	140,854
Investing activities	'	'
Purchase of property, plant and equipment	-31,164	-30,037
Proceeds from sale of equipment	543	228
Net cash used in investing activities	-30,621	-29,809
Financing activities	'	'
Repurchase of common stock	-140,261	0
Proceeds from exercise of stock options	1,864	9,362
Excess tax benefits of stock options and awards	309	1,893
Net cash provided by (used in) financing activities	-138,088	11,255
Effect of exchange rate changes on cash activities	-3,267	1,451
Increase (decrease) in cash and cash equivalents	-69,392	123,751
Cash and cash equivalents at beginning of period	384,356	257,191
Cash and cash equivalents at end of period	$314,964	$380,942

Organization_and_Principles_of

Organization and Principles of Consolidation	9 Months Ended
Organization and Principles of Consolidation	Sep. 30, 2014
Accounting Policies [Abstract]	'
Organization and Principles of Consolidation	'
	1. Organization and Principles of Consolidation
	Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environments and severe service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.
	The Company’s operations are organized into three geographic segments—Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all three of its headquarter locations as well as Macae, Brazil.
	The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2013, has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair presentation of the financial position as of September 30, 2014 and the results of operations and comprehensive income for the three- and nine-month periods ended September 30, 2014 and 2013 and the cash flows for the nine-month periods ended September 30, 2014 and 2013. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Management believes the unaudited interim related disclosures in the condensed consolidated financial statements are adequate. The results of operations, comprehensive income and cash flows for the nine-month period ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Significant_Accounting_Policie

Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities as discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

Revenue Recognition

Product Revenue

The Company earns product revenues from two methods:

•

product revenues recognized under the percentage-of-completion method; and

•

product revenues from the sale of products that do not qualify for the percentage-of-completion method.

Revenues recognized under the percentage-of-completion method

The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:

•

The contracts call for products which are designed to customer specifications;

•

The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;

•

The contracts contain specific terms as to milestones, progress billings and delivery dates; and

•

Product requirements cannot be filled directly from the Company’s standard inventory.

For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.

Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. As of September 30, 2014 and December 31, 2013, receivables included $62.8 million and $52.9 million of unbilled receivables, respectively. For the quarter ended September 30, 2014, there were 14 projects representing approximately 15% of the Company’s total revenue and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 12 projects during the third quarter of 2013, which also represented approximately 15% of the Company’s total revenues and approximately 18% of its product revenues. For the nine months ended September 30, 2014, there were 17 projects representing approximately 10% of the Company’s total revenues and approximately 13% of its product revenues, compared to 16 projects representing approximately 13% of the Company’s total revenues and approximately 15% of its product revenues for the nine months ended September 30, 2013, all of which were accounted for using percentage-of-completion accounting.

Revenues not recognized under the percentage-of-completion method

Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.

Service revenue

The Company earns service revenues from three sources:

•

technical advisory assistance;

•

rental of running tools; and

•

rework and reconditioning of customer-owned Dril-Quip products.

The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.

The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.

Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.

In each relevant period, the net income used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:

Three months ended

Nine months ended

September 30,

2014

2013

2014

2013

(In thousands)

Weighted average common shares outstanding—basic

39,630

40,683

40,208

40,617

Dilutive effect of common stock options and awards

250

228

236

204

Weighted average common shares outstanding—diluted

39,880

40,911

40,444

40,821

New_Accounting_Standards

New Accounting Standards	9 Months Ended
New Accounting Standards	Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]	'
New Accounting Standards	'

	3. New Accounting Standards

	In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill the contract. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact on its consolidated financial statements.

StockBased_Compensation_and_St

Stock-Based Compensation and Stock Awards	9 Months Ended
Stock-Based Compensation and Stock Awards	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation and Stock Awards	'

	4. Stock-Based Compensation and Stock Awards

	During the three months ended September 30, 2014 and 2013, the Company recognized approximately $3.0 million and $2.1 million, respectively, of stock-based compensation expense, which is included in the selling, general and administrative expense line on the Condensed Consolidated Statements of Income. For the nine months ended September 30, 2014 and 2013, stock-based compensation expense totaled $8.6 million and $6.3 million, respectively. No stock-based compensation expense was capitalized during the three and nine months ended September 30, 2014 or 2013. There were no stock options or awards granted in the third quarter of 2014 or 2013.

Inventories

Inventories	9 Months Ended
Inventories	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Inventories	'
	5. Inventories
	Inventories consist of the following:


		September 30,			December 31,
		2014			2013
		(In thousands)
	Raw materials	$	97,502		$	85,670
	Work in progress		124,176			119,929
	Finished goods		220,575			195,971

			442,253			401,570
	Less: allowance for obsolete and excess inventory		(34,337	)		(33,216	)

	Total inventory	$	407,916		$	368,354

Geographic_Areas

Geographic Areas	9 Months Ended
Geographic Areas	Sep. 30, 2014
Segment Reporting [Abstract]	'
Geographic Areas	'
	6. Geographic Areas


			Three months ended							Nine months ended
			September 30,							September 30,
			2014				2013			2014			2013
			(In thousands)
	Revenues:
	Western Hemisphere
	Products		$	101,833			$	105,836		$	312,175		$	301,436
	Services			20,397				19,012			55,678			53,208
	Intercompany			19,501				8,424			38,856			31,702

	Total		$	141,731			$	133,272		$	406,709		$	386,346

	Eastern Hemisphere
	Products		$	53,894			$	48,235		$	151,631		$	146,715
	Services			17,587				11,614			45,578			34,181
	Intercompany			7,018				243			10,517			994

	Total		$	78,499			$	60,092		$	207,726		$	181,890

	Asia-Pacific
	Products		$	43,100			$	33,366		$	96,936		$	88,630
	Services			4,939				6,661			14,140			15,740
	Intercompany			394				1,628			2,724			5,905

	Total		$	48,433			$	41,655		$	113,800		$	110,275

	Summary
	Products		$	198,827			$	187,437		$	560,742		$	536,781
	Services			42,923				37,287			115,396			103,129
	Intercompany			26,913				10,295			52,097			38,601
	Eliminations			(26,913	)			(10,295	)		(52,097	)		(38,601	)

	Total		$	241,750			$	224,724		$	676,138		$	639,910

	Income before income taxes:
	Western Hemisphere		$	34,496			$	27,086		$	106,666		$	71,231
	Eastern Hemisphere			25,620				5,597			56,794			43,721
	Asia-Pacific			13,646				16,571			34,954			39,395
	Eliminations			(567	)			2,930			2,639			6,492

	Total		$	73,195			$	52,184		$	201,053		$	160,839



			September 30,				December 31,
			2014				2013
			(In thousands)
	Total Long-Lived Assets:
	Western Hemisphere		$	224,653			$	216,104
	Eastern Hemisphere			45,519				43,430
	Asia-Pacific			57,815				59,192
	Eliminations			(2,926	)			(2,927	)

	Total		$	325,061			$	315,799

	Total Assets:
	Western Hemisphere		$	747,194			$	803,069
	Eastern Hemisphere			370,270				316,473
	Asia-Pacific			339,089				292,600
	Eliminations			(27,523	)			(17,530	)

Total		$	1,429,030			$	1,394,612

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'

	7. Commitments and Contingencies

	Deepwater Horizon Incident

	On April 22, 2010, a deepwater U.S. Gulf of Mexico drilling rig known as the Deepwater Horizon, that was operated by BP Exploration & Production, Inc. (“BP”) sank after an explosion and fire that began on April 20, 2010. Pursuant to a contract that the Company entered into with an affiliate of BP, it supplied to BP a wellhead and certain other equipment that were in use on the Deepwater Horizon at the time of the incident. The Company was named, along with other unaffiliated defendants, in both class action and other lawsuits arising from the Deepwater Horizon incident. These lawsuits were consolidated in the multi-district proceeding In Re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010 (“MDL Proceeding”). In 2012, the judge presiding over various lawsuits and proceedings dismissed all claims asserted against the Company in those proceedings with prejudice. On April 9, 2012, the judge issued an order granting a final judgment in favor of the Company with respect to the court’s prior order that granted the Company’s Motion for Summary Judgment.

	One of the lawsuits against the Company consolidated in the MDL Proceeding was a personal injury lawsuit initially filed in a Texas state court. The plaintiff filed a motion to remand the lawsuit back to the Texas state court. In August 2014, the Company was informed that this lawsuit was settled and all claims against the Company were released.

	Brazilian Tax Issue

	From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through the State of Espirito Santo in Brazil and subsequently transferred them to its facility in the State of Rio de Janeiro. During that period, the Company’s Brazilian subsidiary paid taxes to the State of Espirito Santo on its imports. Upon the final sale of these goods, the Company’s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company’s understanding of Brazilian tax laws.

	In August 2007, the State of Rio de Janeiro served the Company’s Brazilian subsidiary with assessments to collect a state tax on the importation of goods through the State of Espirito Santo from 2002 to 2007 claiming that these taxes were due and payable to it under applicable law. The Company settled these assessments with payments to the State of Rio de Janeiro of $12.2 million in March 2010 and $3.9 million in December 2010. Approximately $7.8 million of these settlement payments were attributable to penalties, interest and amounts that had expired under the statute of limitations so that amount was recorded as an expense. The remainder of the settlement payments generated credits (recorded as a prepaid tax) that can be used to offset future state taxes on sales to customers in the State of Rio de Janeiro once certified by the tax authorities under a process that is currently ongoing. When the credits are certified, the Company will have a five-year period in which to utilize them. In December 2010 and January 2011, the Company’s Brazilian subsidiary was served with additional assessments totaling approximately $13.0 million from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo (“Santo Credits”) on the importation of goods from July 2005 to October 2007. The Santo Credits are not related to the credits described above. The Company has objected to this assessment on the grounds that it would represent double taxation on the importation of the same goods and that the Company is entitled to the credits under applicable Brazilian law. The Company believes that these credits are valid and that success in the matter is probable. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter.

	Since 2007, the Company’s Brazilian subsidiary has paid taxes on the importation of goods directly to the State of Rio de Janeiro and the Company does not expect any similar issues to exist for periods subsequent to 2007.

	General

	The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and dependency on the condition of the oil and gas industry. Additionally, products of the Company are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, product liability, and environmental claims. Although exposure to such risk has not resulted in any significant problems in the past, there can be no assurance that ongoing and future developments will not adversely impact the Company.

	The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Use of Estimates

Revenue Recognition

Product Revenue

The Company earns product revenues from two methods:

•

product revenues recognized under the percentage-of-completion method; and

•

product revenues from the sale of products that do not qualify for the percentage-of-completion method.

Revenues Recognized Under Percentage-of-Completion Method

Revenues recognized under the percentage-of-completion method

The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:

•

The contracts call for products which are designed to customer specifications;

•

The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;

•

The contracts contain specific terms as to milestones, progress billings and delivery dates; and

•

Product requirements cannot be filled directly from the Company’s standard inventory.

Revenues Not Recognized Under Percentage-of-Completion Method

Revenues not recognized under the percentage-of-completion method

Service Revenue

Service revenue

The Company earns service revenues from three sources:

•

technical advisory assistance;

•

rental of running tools; and

•

rework and reconditioning of customer-owned Dril-Quip products.

Fair Value of Financial Instruments

Earnings Per Share

Three months ended

Nine months ended

September 30,

2014

2013

2014

2013

(In thousands)

Weighted average common shares outstanding—basic

39,630

40,683

40,208

40,617

Dilutive effect of common stock options and awards

250

228

236

204

Weighted average common shares outstanding—diluted

39,880

40,911

40,444

40,821

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Earnings Per Share	'
	The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:


		Three months ended				Nine months ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)
	Weighted average common shares outstanding—basic		39,630		40,683		40,208		40,617
	Dilutive effect of common stock options and awards		250		228		236		204

	Weighted average common shares outstanding—diluted		39,880		40,911		40,444		40,821

Inventories_Tables

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Sep. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventories	'
	Inventories consist of the following:


		September 30,			December 31,
		2014			2013
		(In thousands)
	Raw materials	$	97,502		$	85,670
	Work in progress		124,176			119,929
	Finished goods		220,575			195,971

			442,253			401,570
	Less: allowance for obsolete and excess inventory		(34,337	)		(33,216	)

	Total inventory	$	407,916		$	368,354

Geographic_Areas_Tables

Geographic Areas (Tables)	9 Months Ended
Geographic Areas (Tables)	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting	'

		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
		(In thousands)
	Revenues:
	Western Hemisphere
	Products	$	101,833		$	105,836		$	312,175		$	301,436
	Services		20,397			19,012			55,678			53,208
	Intercompany		19,501			8,424			38,856			31,702

	Total	$	141,731		$	133,272		$	406,709		$	386,346

	Eastern Hemisphere
	Products	$	53,894		$	48,235		$	151,631		$	146,715
	Services		17,587			11,614			45,578			34,181
	Intercompany		7,018			243			10,517			994

	Total	$	78,499		$	60,092		$	207,726		$	181,890

	Asia-Pacific
	Products	$	43,100		$	33,366		$	96,936		$	88,630
	Services		4,939			6,661			14,140			15,740
	Intercompany		394			1,628			2,724			5,905

	Total	$	48,433		$	41,655		$	113,800		$	110,275

	Summary
	Products	$	198,827		$	187,437		$	560,742		$	536,781
	Services		42,923			37,287			115,396			103,129
	Intercompany		26,913			10,295			52,097			38,601
	Eliminations		(26,913	)		(10,295	)		(52,097	)		(38,601	)

	Total	$	241,750		$	224,724		$	676,138		$	639,910

	Income before income taxes:
	Western Hemisphere	$	34,496		$	27,086		$	106,666		$	71,231
	Eastern Hemisphere		25,620			5,597			56,794			43,721
	Asia-Pacific		13,646			16,571			34,954			39,395
	Eliminations		(567	)		2,930			2,639			6,492

	Total	$	73,195		$	52,184		$	201,053		$	160,839



		September 30,			December 31,
		2014			2013
		(In thousands)
	Total Long-Lived Assets:
	Western Hemisphere	$	224,653		$	216,104
	Eastern Hemisphere		45,519			43,430
	Asia-Pacific		57,815			59,192
	Eliminations		(2,926	)		(2,927	)

	Total	$	325,061		$	315,799

	Total Assets:
	Western Hemisphere	$	747,194		$	803,069
	Eastern Hemisphere		370,270			316,473
	Asia-Pacific		339,089			292,600
	Eliminations		(27,523	)		(17,530	)

	Total	$	1,429,030		$	1,394,612

Organization_and_Principles_of1

Organization and Principles of Consolidation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
	Location
	Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Number of geographic segments	3
Number of headquarter locations	3

Significant_Accounting_Policie3

Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Project	Project	Source	Project
			Method
			Project
Accounting Policies [Abstract]	'	'	'	'	'
Number of product revenue sources	'	'	2	'	'
Unbilled receivables	$62.80	'	$62.80	'	$52.90
Number of projects	14	12	17	16	'
Percentage of total revenues	15.00%	15.00%	10.00%	13.00%	'
Percentage of product revenues	18.00%	18.00%	13.00%	15.00%	'
Number of service revenue sources	'	'	3	'	'

Significant_Accounting_Policie4

Significant Accounting Policies - Schedule of Earnings Per Share (Detail)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Weighted average common shares outstanding-basic	39,630	40,683	40,208	40,617
Dilutive effect of common stock options and awards	250	228	236	204
Weighted average common shares outstanding-diluted	39,880	40,911	40,444	40,821

StockBased_Compensation_and_St1

Stock-Based Compensation and Stock Awards - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'	'
Stock-based compensation expense	$3,000,000	$2,100,000	$8,640,000	$6,257,000
Capitalized expense	$0	$0	$0	$0
Stock options or stock awards granted	0	0	'	'

Inventories_Schedule_of_Invent

Inventories - Schedule of Inventories (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]	'	'
Raw materials	$97,502	$85,670
Work in progress	124,176	119,929
Finished goods	220,575	195,971
Inventory, gross, Total	442,253	401,570
Less: allowance for obsolete and excess inventory	-34,337	-33,216
Total inventory	$407,916	$368,354

Geographic_Areas_Schedule_of_S

Geographic Areas - Schedule of Segment Reporting (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
Products	$198,827	$187,437	$560,742	$536,781	'
Services	42,923	37,287	115,396	103,129	'
Intercompany	26,913	10,295	52,097	38,601	'
Eliminations	-26,913	-10,295	-52,097	-38,601	'
Total revenues	241,750	224,724	676,138	639,910	'
Total Long-Lived Assets	325,061	'	325,061	'	315,799
Income before income taxes	73,195	52,184	201,053	160,839	'
Total Assets	1,429,030	'	1,429,030	'	1,394,612
Eliminations [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Income before income taxes	-567	2,930	2,639	6,492	'
Total Long-Lived Assets Eliminations	-2,926	'	-2,926	'	-2,927
Total Assets Eliminations	-27,523	'	-27,523	'	-17,530
Western Hemisphere [Member] \| Operating Segments [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Products	101,833	105,836	312,175	301,436	'
Services	20,397	19,012	55,678	53,208	'
Intercompany	19,501	8,424	38,856	31,702	'
Total revenues	141,731	133,272	406,709	386,346	'
Total Long-Lived Assets	224,653	'	224,653	'	216,104
Income before income taxes	34,496	27,086	106,666	71,231	'
Total Assets	747,194	'	747,194	'	803,069
Eastern Hemisphere [Member] \| Operating Segments [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Products	53,894	48,235	151,631	146,715	'
Services	17,587	11,614	45,578	34,181	'
Intercompany	7,018	243	10,517	994	'
Total revenues	78,499	60,092	207,726	181,890	'
Total Long-Lived Assets	45,519	'	45,519	'	43,430
Income before income taxes	25,620	5,597	56,794	43,721	'
Total Assets	370,270	'	370,270	'	316,473
Asia-Pacific [Member] \| Operating Segments [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Products	43,100	33,366	96,936	88,630	'
Services	4,939	6,661	14,140	15,740	'
Intercompany	394	1,628	2,724	5,905	'
Total revenues	48,433	41,655	113,800	110,275	'
Total Long-Lived Assets	57,815	'	57,815	'	59,192
Income before income taxes	13,646	16,571	34,954	39,395	'
Total Assets	$339,089	'	$339,089	'	$292,600

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (Brazil [Member], USD $)	1 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2010	Mar. 31, 2010	Sep. 30, 2014
Brazil [Member]	'	'	'
Commitments And Contingencies [Line Items]	'	'	'
Tax assessment settled with payments	$3.90	$12.20	'
Amount of interest, penalties and monetary restatement fees on tax assessments	7.8	'	'
Tax credits once certified, period to use credits	'	'	'5 years
Value of assessments served on Brazilian subsidiary	$13	'	'