Innovex Downhole Solutions (INVX) 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Entity Registrant Name	DRIL-QUIP, INC.
Entity Central Index Key	0001042893
Trading Symbol	DRQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock Shares Outstanding		35,093,933
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-13439
Entity Tax Identification Number	74-2162088
Entity Address, Address Line One	6401 N. ELDRIDGE PARKWAY
Entity Address, City or Town	HOUSTON
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77041
City Area Code	713
Local Phone Number	939-7711
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 345,808	$ 398,946
Trade receivables, net	101,034	107,626
Unbilled receivables	140,226	140,534
Inventories, net	212,412	205,062
Prepaids and other current assets	48,732	28,321
Total current assets	848,212	880,489
Operating lease right of use assets	4,729	5,144
Property, plant and equipment, net	243,796	258,497
Deferred income taxes	9,566	8,936
Goodwill		7,947
Intangible assets	30,473	32,245
Other assets	10,915	13,307
Total assets	1,147,691	1,206,565
Current liabilities:
Accounts payable	58,856	46,324
Accrued income taxes	8,936	4,561
Contract liabilities	7,682	6,901
Accrued compensation	9,209	13,599
Operating lease liabilities	984	1,314
Other accrued liabilities	28,044	24,241
Total current liabilities	113,711	96,940
Deferred income taxes	3,609	4,150
Income tax payable	9,123	8,868
Operating lease liabilities, long-term	3,714	3,801
Other long-term liabilities	2,147	2,105
Total liabilities	132,304	115,864
Contingencies (Note 12)
Stockholders' equity:
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)
Common stock:
100,000,000 shares authorized at $0.01 par value, 35,073,744 and 35,859,540 shares issued and outstanding at June 30, 2020 and December 31, 2019	363	371
Additional paid-in capital	59,327	52,870
Retained earnings	1,122,191	1,181,023
Accumulated other comprehensive losses	(166,494)	(143,563)
Total stockholders' equity	1,015,387	1,090,701
Total liabilities and stockholders' equity	$ 1,147,691	$ 1,206,565

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	35,073,744	35,859,540
Common stock, shares outstanding (in shares)	35,073,744	35,859,540

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Revenues from products and services	$ 83,883	$ 93,808	$ 170,255	$ 177,718
Leasing	6,563	10,000	16,189	20,407
Total revenues	90,446	103,808	186,444	198,125
Cost of sales:
Total cost of sales	66,937	73,867	138,351	143,240
Selling, general and administrative	23,331	23,068	47,989	48,315
Engineering and product development	5,364	5,157	10,889	8,777
Impairments			7,719
Restructuring and other charges	1,587	1,019	34,300	3,415
Gain on sale of assets	(85)	(1,190)	(552)	(1,203)
Foreign currency transaction (gains) and losses	817	(233)	(2,425)	(937)
Total costs and expenses	97,951	101,688	236,271	201,607
Operating income (loss)	(7,505)	2,120	(49,827)	(3,482)
Interest income	653	2,680	1,859	4,686
Interest expense	(209)		(400)	(121)
Income (loss) before income taxes	(7,061)	4,800	(48,368)	1,083
Income tax provision (benefit)	7,081	3,119	(14,528)	5,452
Net income (loss)	$ (14,142)	$ 1,681	$ (33,840)	$ (4,369)
Income (loss) per common share:
Basic (in dollars per share)	$ (0.40)	$ 0.05	$ (0.96)	$ (0.12)
Diluted (in dollars per share)	$ (0.40)	$ 0.05	$ (0.96)	$ (0.12)
Weighted average common shares outstanding:
Basic (in shares)	35,023	35,967	35,359	35,764
Diluted (in shares)	35,023	36,210	35,359	35,764
Products
Revenues:
Revenues from products and services	$ 63,133	$ 77,233	$ 130,691	$ 142,667
Cost of sales:
Total cost of sales	49,741	53,568	103,386	105,110
Services
Revenues:
Revenues from products and services	20,750	16,575	39,564	35,051
Cost of sales:
Total cost of sales	9,222	10,219	18,910	19,455
Leasing
Cost of sales:
Total cost of sales	$ 7,974	$ 10,080	$ 16,055	$ 18,675

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (14,142)	$ 1,681	$ (33,840)	$ (4,369)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2,048	(2,317)	(22,931)	(690)
Total comprehensive loss	$ (12,094)	$ (636)	$ (56,771)	$ (5,059)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (33,840)	$ (4,369)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,813	16,851
Stock-based compensation expense	6,458	8,083
Impairments	7,719
Restructuring and other charges	34,300	314
Gain on sale of assets	(552)	(1,203)
Deferred income taxes	(2,421)	164
Changes in operating assets and liabilities:
Trade receivables, net	(104)	7,621
Unbilled receivables	(467)	(24,337)
Inventories, net	(33,869)	(1,002)
Prepaids and other assets	(23,452)	5,860
Accounts payable and accrued expenses	11,224	2,731
Other, net		(63)
Net cash provided by (used in) operating activities	(18,191)	10,650
Investing activities
Purchase of property, plant and equipment	(8,318)	(4,598)
Proceeds from sale of equipment	3,138	1,565
Net cash used in investing activities	(5,180)	(3,033)
Financing activities
Repurchase of common shares	(25,000)	(1,996)
Other	(129)
Net cash used in financing activities	(25,129)	(1,996)
Effect of exchange rate changes on cash activities	(4,638)	(595)
Increase (decrease) in cash and cash equivalents	(53,138)	5,026
Cash and cash equivalents at beginning of period	398,946	418,100
Cash and cash equivalents at end of period	$ 345,808	$ 423,126

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTSOF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Treasury stock shares (in shares)	0	22,073	808,389	50,151

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Losses
Beginning Balance at Dec. 31, 2018	$ 1,096,162	$ 376	$ 34,953	$ 1,205,946	$ (145,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(690)				(690)
Net income (loss)	(4,369)			(4,369)
Comprehensive loss	(5,059)
Repurchase of common stock	(1,996)			(1,996)
Stock option expense	8,083		8,083
Other	(62)		17	(79)
Ending Balance at Jun. 30, 2019	1,097,128	376	43,053	1,199,502	(145,803)
Beginning Balance at Mar. 31, 2019	1,095,405	376	39,815	1,198,700	(143,486)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(2,317)				(2,317)
Net income (loss)	1,681			1,681
Comprehensive loss	(636)
Repurchase of common stock	(880)			(880)
Stock option expense	3,221		3,221
Other	18		17	1
Ending Balance at Jun. 30, 2019	1,097,128	376	43,053	1,199,502	(145,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained earnings	1,181,023
Beginning Balance at Dec. 31, 2019	1,090,701	371	52,870	1,181,023	(143,563)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(22,931)				(22,931)
Net income (loss)	(33,840)			(33,840)
Comprehensive loss	(56,771)
Repurchase of common stock	(25,000)	(8)		(24,992)
Stock option expense	6,458		6,458
Other	(1)		(1)
Ending Balance at Jun. 30, 2020	1,015,387	363	59,327	1,122,191	(166,494)
Beginning Balance at Mar. 31, 2020	1,024,201	363	56,045	1,136,335	(168,542)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	2,048				2,048
Net income (loss)	(14,142)			(14,142)
Comprehensive loss	(12,094)
Stock option expense	3,282		3,282
Other	(2)			(2)
Ending Balance at Jun. 30, 2020	1,015,387	$ 363	$ 59,327	$ 1,122,191	$ (166,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained earnings	$ 1,122,191

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered drilling and production equipment that is well suited primarily for use in deepwater, harsh environment 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, diverters and safety valves. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors 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 regional headquarter locations as well as in Macae, Brazil. The Company’s major subsidiaries are Dril-Quip (Europe) Limited, located in Aberdeen with branches in Azerbaijan, Denmark, Norway and Holland; Dril-Quip Asia-Pacific PTE Ltd., located in Singapore; and Dril-Quip do Brasil LTDA, located in Macae, Brazil. Other operating subsidiaries include TIW Corporation (TIW) and Honing, Inc., both located in Houston, Texas; DQ Holdings Pty. Ltd., located in Perth, Australia; Dril-Quip Cross (Ghana) Ltd., located in Takoradi, Ghana; PT DQ Oilfield Services Indonesia, located in Jakarta, Indonesia; Dril-Quip (Nigeria) Ltd., located in Port Harcourt, Nigeria; Dril-Quip Egypt for Petroleum Services S.A.E., located in Alexandria, Egypt; Dril-Quip TIW Saudi Arabia Limited, located in Dammam, Kingdom of Saudi Arabia; Dril-Quip Oilfield Services (Tianjin) Co. Ltd., located in Tianjin, China, with branches in Shenzhen and Beijing, China; Dril-Quip Qatar LLC, located in Doha, Qatar; Dril-Quip TIW Mexico S. de R.L.C.V., located in Villahermosa, Mexico; TIW de Venezuela S.A., located in Anaco, Venezuela and with a registered branch located in Ecuador; TIW (UK) Limited, located in Aberdeen, Scotland; TIW Hungary LLC, located in Szolnok, Hungary; and TIW International LLC, with a registered branch located in Singapore. The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements as of that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair statement of the financial position as of June 30, 2020 and the results of operations and comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. 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. The results of operations and comprehensive income (loss) for the three and six months ended June 30, 2020 and cash flows for the six months ended June 30, 2020 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, 2019. The recent outbreak of COVID-19 and its development into a pandemic has resulted in significant economic disruption globally. Actions taken by various governmental authorities, individuals and companies around the world to prevent the spread of COVID-19 through social distancing have restricted travel, curtailed business operations, prohibited public gatherings and restricted the overall level of individual movement and in-person interaction across the globe. This has significantly reduced global economic activity and caused global demand for oil and gas to decrease at an unprecedented rate. This demand reduction was further exacerbated by disputes over oil production by Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations. Although the OPEC and non-OPEC nations have agreed upon substantial production cuts to stabilize oil prices, the dispute has led to significant declines in crude oil prices, resulting in a challenging industry environment. The extent of the impact of the pandemic and the decline in oil prices on our operational and financial performance will depend on future developments, which are uncertain and cannot be predicted. An extended period of economic disruption could have a material adverse impact on our business, results of operations, access to sources of liquidity and overall financial condition.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	2. 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 as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, impairment of our goodwill and asset recoverability tests and inventories. Revenue Recognition The Company generates revenues through the sale of products, the sale of services and the leasing of installation tools. The Company normally negotiates contracts for products, including those accounted for under the over time method, rental tools and services separately. Modifications to the scope and price of sales contracts may occur in the form of variations and change orders. 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 instead choose to use a third party or its own personnel. Lease revenues The Company earns lease revenues from the rental of running tools and rental of its forging facility. Rental revenues are recognized within leasing revenues on a day rate basis over the lease term, which is generally between one to three months. Rental revenue from the forging facility is recognized on a straight-line basis over the expected life of the lease. Lease revenues from rental of running tools for the three and six months ended June 30, 2020 were $6.0 million and $15.1 million, respectively, and lease revenues from rental of facilities were $0.6 million and $1.1 million, respectively, for the same period. 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. Goodwill and indefinite-lived 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. We complete our 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 estimated fair value of the reporting unit. We determine the fair value of our reporting units using a discounted cash flow approach. We selected this valuation approach because we believe it, combined with our best judgment regarding underlying assumptions and estimates, provides the best estimate of fair value for each of our reporting units. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, future operating margins, the weighted average cost of capital ("discount rates"), a terminal growth value, and future market conditions, among others. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its calculated fair value, we recognize a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As such, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements for the three months ended March 31, 2020. Based on this analysis, we recorded a $7.7 million goodwill impairment loss in the first quarter of 2020, all of which was in our Eastern Hemisphere reporting unit. Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate our property and equipment and definite-lived intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgements regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result. Restructuring and Other Charges During 2020, the overall offshore market conditions declined as a result of the COVID-19 pandemic and developments in global oil markets. As such, we incurred additional costs under our existing 2018 global strategic plan to realign our manufacturing facilities globally. In the first quarter of 2020, we recorded non-cash inventory and long-lived asset write-downs of approximately $17.3 million and $6.9 million, respectively, as a result of expected changes in our business structure and manufacturing footprint. In the third quarter of 2018, we initiated a global strategic plan to better align our operations with market conditions and finalized this plan during the second quarter of 2019. As a result of this plan, during the three and six months ended June 30, 2019, we incurred restructuring charges of approximately $1.0 million and $3.4 million, respectively. All of these charges primarily relate to employee termination benefits and consulting fees. Treasury Shares On February 26, 2019, the Board of Directors authorized a share repurchase plan under which the Company can repurchase up to $100 million of its common stock. The repurchase plan has no set expiration date and any repurchased shares are expected to be cancelled. For the June 30, 2020, the Company purchased shares under the share repurchase plan at an average price of approximately $30.91 per share totaling approximately $25.0 million and has retired such shares. For the three month period ended June 30, 2019, the Company purchased 22,073 shares under the share repurchase plan at an average price of approximately $39.87 per share totaling approximately $0.9 million and has retired such shares. For the six-month period ended June 30, 2019, the Company purchased 50,151 shares under the share repurchase plan at an average price of approximately $39.80 per share totaling approximately $2.0 million and has retired such shares. Earnings Per Share Basic earnings per common share is computed by dividing net income (loss) 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 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 Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Weighted average common shares outstanding - basic 35,023 35,967 35,359 35,764 Dilutive effect of common stock awards - 243 - - Weighted average common shares outstanding – diluted 35,023 36,210 35,359 35,764 For the three and six months ended June 30, 2020 and 2019, the Company has excluded the following common stock options and awards because their impact on the income/(loss) per share is anti-dilutive (in thousands on a weighted average basis): Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Director stock awards 45 - 42 7 Stock options 122 - 124 - Performance share units 279 2 278 121 Restricted stock awards 333 7 333 97

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards	3. In June 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04 “Reference Rate Reform (Topic 848).” Topic 848 is effective for fiscal years and interim periods beginning as of March 12, 2020 through December 31, 2022. This update provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. It is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. We are currently in the process of assessing the impact of this guidance on our financial position, results of operations or cash flows. In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740).” Topic 740 is effective for fiscal years and interim periods beginning after December 15, 2020. This update simplifies the accounting for income taxes by removing certain exceptions such as the exception to the incremental approach for intraperiod tax allocation, the exception to the requirement to recognize a deferred tax liability for equity method investments, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary and the exception to the general methodology for calculating income taxes in an interim period. We are currently in the process of assessing the impact of this guidance on our financial position, results of operations or cash flows.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	4. Revenues from contracts with customers (excludes leasing) consisted of the following: Three months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Product Revenues $ 36,797 $ 38,883 $ 14,216 $ 24,540 $ 12,120 $ 13,810 $ 63,133 $ 77,233 Service Revenues 13,164 9,161 3,593 4,869 3,993 2,545 20,750 16,575 Total $ 49,961 $ 48,044 $ 17,809 $ 29,409 $ 16,113 $ 16,355 $ 83,883 $ 93,808 Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Product Revenues $ 78,269 $ 75,259 $ 32,395 $ 43,158 $ 20,027 $ 24,250 $ 130,691 $ 142,667 Service Revenues 24,120 19,006 7,931 9,873 7,513 6,172 39,564 35,051 Total $ 102,389 $ 94,265 $ 40,326 $ 53,031 $ 27,540 $ 30,422 $ 170,255 $ 177,718 Contract Balances Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands) Contract Assets at December 31, 2019 $ 136,332 Additions 66,017 Transfers to Trade Receivables, Net (66,025 ) Contract Assets at June 30, 2020 $ 136,324 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2019 $ 6,901 Additions 2,517 Revenue Recognized (1,838 ) Contract Liabilities at June 30, 2020 $ 7,580 Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $102.1 million and $83.2 million at June 30, 2020 and December 31, 2019, respectively. Unbilled contract assets are transferred to trade receivables, net, when billing milestones are achieved. The contract liabilities primarily relate to advance payments from customers. Obligations for returns and refunds were considered immaterial as of June 30, 2020. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $92.7 million as of June 30, 2020. The Company expects to recognize revenue on approximately 62.3% of the remaining performance obligations over the next 12 months and the remaining 37.7% thereafter. The Company applies the practical expedient available under the revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Stock-Based Compensation and St

Stock-Based Compensation and Stock Awards	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation and Stock Awards	5. During the three and six months ended June 30, 2020, the Company recognized approximately $3.3 million and $6.5 million, respectively, of stock-based compensation expense. Stock-based compensation is included in "Selling, general and administrative" in our accompanying condensed consolidated statements of income (loss) and "Additional paid-in capital" in our accompanying condensed consolidated balance sheets. During the three and six months ended June 30, 2019, the Company recognized approximately $3.2 million and $8.1 million, respectively, which includes approximately $ 1.8 million

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories, net	6. Inventories consist of the following: June 30, December 31, 2020 2019 (In thousands) Raw materials and supplies $ 40,100 $ 46,282 Work in progress 49,863 54,171 Finished goods 204,402 175,629 294,365 276,082 Less: allowance for slow moving and excess inventory (81,953 ) (71,020 ) Total inventory $ 212,412 $ 205,062

Impairment, Restructuring and O

Impairment, Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Impairment, Restructuring and Other Charges	7. Impairment, Restructuring and Other Charges Restructuring and Other Charges As a result of unfavorable market conditions primarily due to the COVID-19 pandemic and developments in global oil markets, which triggered historically low crude oil prices and decreases in our customers’ capital budgets, we incurred additional costs under our 2018 global strategic plan primarily focused on workforce reductions and the reorganization of certain facilities during the first quarter of 2020. We expect to incur these costs associated with such plan throughout the year. In the third quarter of 2018, we initiated a global strategic plan to better align our operations with current market conditions and finalized this plan during the second quarter of 2019. As a result of this plan, we incurred goodwill impairment, inventory and long-lived asset write-downs, and other restructuring charges of approximately $98.6 million during 2018. During the three months ended June 30, 2019 we incurred approximately $1.0 million in restructuring and other charges, primarily related to consulting fees. During the six months ended June 30, 2019, we incurred restructuring and other charges of approximately $3.4 million primarily related to consulting fees, and an approximate $1.1 million payout to our former Chief Operating Officer, pursuant to a separation agreement entered into with him during the first quarter of 2019. These charges are reflected as "Restructuring and other charges" in our consolidated statement of operations. The following table summarizes the components of charges included in "Restructuring and other charges" in our consolidated statement of operations for the three and six months ended June 30, 2020 (in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 Inventory write-down $ - $ 17,272 Severance - 8,399 Long-lived asset write-down 942 7,854 Other 645 775 $ 1,587 $ 34,300 The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2020 (in thousands): June 30, 2020 Balance at January 1, 2020 $ - Additions for costs expensed 8,399 Reductions for payments (1,344 ) Ending balance at June 30, 2020 $ 7,055 Goodwill Impairment Impairment losses consist of Goodwill impairment of $7.7 million, which occurred in connection with our preparation and review of financial statements for the three months ended March 31, 2020. There were no impairment charges recorded for the three months ended June 30, 2020. These charges are reflected as "Impairments" in our consolidated statement of operations. No goodwill impairment losses were recorded for the June 30, 2019.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible assets consist of the following: June 30, 2020 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,206 $ (765 ) $ (51 ) $ 7,390 Patents 15 5,951 (2,408 ) (3 ) 3,540 Customer relationships 5 25,939 (6,385 ) (178 ) 19,376 Non-compete agreements 3 years 171 (171 ) - - Organizational costs indefinite 179 - (12 ) 167 $ 40,446 $ (9,729 ) $ (244 ) $ 30,473 December 31, 2019 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,159 $ (512 ) $ 47 $ 7,694 Patents 15 5,945 (2,529 ) - 3,416 Customer relationships 5 25,787 (4,954 ) 122 20,955 Non-compete agreements 3 years 171 (170 ) - 1 Organizational costs indefinite 172 - 7 179 $ 40,234 $ (8,165 ) $ 176 $ 32,245

Asset Backed Loan (ABL) Credit

Asset Backed Loan (ABL) Credit Facility	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Asset Backed Loan (ABL) Credit Facility	9. On February 23, 2018, the Company, as borrower, and the Company’s subsidiaries TIW and Honing, Inc., as guarantors, entered into a five -year All obligations under the ABL Credit Facility are fully and unconditionally guaranteed jointly and severally by the Company, TIW, Honing, Inc., and future significant domestic subsidiaries, subject to customary exceptions. Borrowings under the ABL Credit Facility are secured by liens on substantially all of the Company’s personal property, and bear interest at the Company’s option at either (i) the CB Floating Rate (as defined therein), calculated as the rate of interest publicly announced by JPMorgan Chase Bank, N.A., as its “prime rate,” subject to each increase or decrease in such prime rate effective as of the date such change occurs, with such CB Floating Rate not being less than Adjusted One Month LIBOR (as defined therein) or (ii) the Adjusted LIBOR (as defined therein), plus, in each case, an applicable margin. The applicable margin ranges from 1.00% to 1.50% per annum for CBFR loans and 2.00% to 2.50% per annum for Eurodollar loans and, in each case, is based on the Company’s leverage ratio. The unused portion of the ABL Credit Facility is subject to a commitment fee that varies from 0.250 % to 0.375 % per annum, according to average unused commitments under the ABL Credit Facility. Interest on Eurodollar loans is payable at the end of the selected interest period, but no less frequently than quarterly. Interest on CB Floating Rate loans is payable monthly in arrears. The ABL Credit Facility contains various covenants and restrictive provisions that limit the Company’s ability to, among other things, (1) enter into asset sales; (2) incur additional indebtedness; (3) make investments or loans and create liens; (4) pay certain dividends or make other distributions; and (5) engage in transactions with affiliates. The ABL Credit Facility also requires the Company to maintain a fixed charge coverage ratio of 1.1 to 1.0, based on the ratio of EBITDA (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the ABL Credit Facility is under certain levels. If the Company fails to perform its obligations under the agreement that results in an event of default, the commitments under the ABL Credit Facility could be terminated and any outstanding borrowings under the ABL Credit Facility may be declared immediately due and payable. The ABL Credit Facility also contains cross default provisions that apply to the Company’s other indebtedness. The Company is in compliance with the related covenants as of June 30, 2020. As of June 30, 2020, the availability under the ABL Credit Facility was $38.0 million, after taking into account the outstanding letters of credit of approximately $1.0 million

Geographic Areas

Geographic Areas	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Geographic Areas	10. 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 regional headquarter locations as well as in Macae, Brazil. Eliminations of operating profits are related to intercompany inventory transfers that are deferred until shipment is made to third party customers. Three months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Revenues Products Point in Time $ 14,873 $ 26,874 $ 6,839 $ 17,826 $ 7,293 $ 10,517 $ - $ - $ 29,005 $ 55,217 Over Time 21,924 12,009 7,377 6,714 4,827 3,293 - - 34,128 22,016 Total Products 36,797 38,883 14,216 24,540 12,120 13,810 - - 63,133 77,233 Services Technical Advisory 10,456 6,929 1,937 4,044 2,938 2,085 - - 15,331 13,058 Reconditioning 2,708 2,232 1,656 825 1,055 460 - - 5,419 3,517 Total Services (excluding rental tools) 13,164 9,161 3,593 4,869 3,993 2,545 - - 20,750 16,575 Leasing 3,674 4,962 1,826 3,439 1,063 1,599 - - 6,563 10,000 Total Services (including rental tools) 16,838 14,123 5,419 8,308 5,056 4,144 - - 27,313 26,575 Intercompany 2,317 2,519 689 202 3,413 1,040 - 6,419 3,761 Eliminations - - - - - - (6,419 ) (3,761 ) (6,419 ) (3,761 ) Total Revenues $ 55,952 $ 55,525 $ 20,324 $ 33,050 $ 20,589 $ 18,994 $ (6,419 ) $ (3,761 ) $ 90,446 $ 103,808 Depreciation and amortization $ 4,801 $ 5,437 $ 952 $ 1,176 $ 1,254 $ 1,199 $ 933 $ 683 $ 7,940 $ 8,495 Income (loss) before income taxes $ 5,024 $ 5,675 $ (2,349 ) $ 7,321 $ 5,615 $ 6,704 $ (15,351 ) $ (14,900 ) $ (7,061 ) $ 4,800 During the three months ended June 30, 2020, we recorded restructuring and other charges of $1.6 million, consisting primarily of a $0.9 million in write-down of long-lived assets in the Western Hemisphere and $0.7 million for consulting fees in DQ Corporate. During the three months ended June 30, 2019, we recorded restructuring and other charges of $1.0 million, consisting primarily of consulting fees in DQ Corporate. Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Revenues Products Point in Time $ 37,837 $ 50,640 $ 15,801 $ 31,944 $ 12,740 $ 20,957 $ - $ - $ 66,378 $ 103,541 Over Time 40,432 24,619 16,594 11,214 7,287 3,293 - - 64,313 39,126 Total Products 78,269 75,259 32,395 43,158 20,027 24,250 - - 130,691 142,667 Services Technical Advisory 17,852 13,953 5,433 8,126 6,227 5,281 - - 29,512 27,360 Reconditioning 6,268 5,053 2,498 1,747 1,286 891 - - 10,052 7,691 Total Services (excluding rental tools) 24,120 19,006 7,931 9,873 7,513 6,172 - - 39,564 35,051 Leasing 8,435 11,283 4,574 6,086 3,180 3,038 - - 16,189 20,407 Total Services (including rental tools) 32,555 30,289 12,505 15,959 10,693 9,210 - - 55,753 55,458 Intercompany 5,631 6,613 1,020 346 5,669 1,778 - - 12,320 8,737 Eliminations - - - - - - (12,320 ) (8,737 ) (12,320 ) (8,737 ) Total $ 116,455 $ 112,161 $ 45,920 $ 59,463 $ 36,389 $ 35,238 $ (12,320 ) $ (8,737 ) $ 186,444 $ 198,125 Depreciation and amortization $ 10,423 $ 10,857 $ 1,926 $ 2,228 $ 2,594 $ 2,397 $ 1,870 $ 1,369 $ 16,813 $ 16,851 Income (loss) before income taxes $ 13,177 $ 8,408 $ (30,670 ) $ 13,902 $ 7,184 $ 11,901 $ (38,059 ) $ (33,128 ) $ (48,368 ) $ 1,083 During the six months ended June 30, 2020 During the six months ended June 30, 2019 , primarily related to consulting fees, and an approximate $1.1 million payout to our former Chief Operating Officer, pursuant to a separation agreement entered into with him during the first quarter of 2019. June 30, 2020 December 31, 2019 (In thousands) Total long-lived assets: Western Hemisphere $ 366,922 $ 379,776 Eastern Hemisphere 235,400 246,854 Asia-Pacific 69,096 71,384 Eliminations (371,939 ) (371,938 ) Total $ 299,479 $ 326,076 Total assets: Western Hemisphere $ 785,060 $ 732,716 Eastern Hemisphere 781,078 818,803 Asia-Pacific 188,768 181,188 Eliminations (607,215 ) (526,142 ) Total $ 1,147,691 $ 1,206,565 As of June 30, 2020

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax	11. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and includes favorable changes to tax law and incentives for businesses impacted by COVID-19. The CARES Act includes provisions relating to net operating loss carryback periods which have discretely impacted and increased the effective tax rate by 69.1% in the current period. The effective tax rate for the three and six months ended June 30, 2020 was (100.3)% and 30.0%, respectively, compared to 65.0% and 503.5%, respectively, for the same period in 2019. The change in the effective tax rate between the periods resulted primarily from discretely recognized tax benefits of net operating losses, impairment losses, changes in valuation allowances in the United States and in various foreign countries , deferred tax accrual for unrepatriated foreign earnings and the mix of earnings in jurisdictions with differing tax rates. We have historically considered the majority of undistributed earnings of our foreign subsidiaries and equity investees to be indefinitely reinvested, and, accordingly, no deferred taxes had been provided on the indefinitely reinvested earnings. As of June 30, 2020, the Company reversed its indefinite reinvestment assertion. As a result, we recorded a deferred foreign tax liability of $3.4 million, which is primarily related to estimated foreign withholding tax associated with repatriating all non-U.S. earnings back to the United States.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Brazilian Tax Issue From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through, and paid taxes on such imports to, the State of Espirito Santo in Brazil. 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 December 2010 and January 2011, the Company’s Brazilian subsidiary was served with two 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 on the importation of goods from July 2005 to October 2007. The Company objected to these assessments on the grounds that they 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’s Brazilian subsidiary filed appeals with a State of Rio de Janeiro judicial court to annul both of these tax assessments and deposited with the court approximately $8.8 million in December 2014 and December 2016 as the full amount of the assessments with penalties and interest. The first level judicial court has ruled against the Company in each of these cases and the Company has appealed both of those rulings. The Company believes that these credits are valid and that success in the judicial court process is probable despite the unfavorable rulings at the lower court level. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter. 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 is dependent on the condition of the oil and gas industry. Additionally, certain of the Company’s products are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, property damage 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 Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	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	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 as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, impairment of our goodwill and asset recoverability tests and inventories.
Revenue Recognition	Revenue Recognition The Company generates revenues through the sale of products, the sale of services and the leasing of installation tools. The Company normally negotiates contracts for products, including those accounted for under the over time method, rental tools and services separately. Modifications to the scope and price of sales contracts may occur in the form of variations and change orders. 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 instead choose to use a third party or its own personnel. Lease revenues The Company earns lease revenues from the rental of running tools and rental of its forging facility. Rental revenues are recognized within leasing revenues on a day rate basis over the lease term, which is generally between one to three months. Rental revenue from the forging facility is recognized on a straight-line basis over the expected life of the lease. Lease revenues from rental of running tools for the three and six months ended June 30, 2020 were $6.0 million and $15.1 million, respectively, and lease revenues from rental of facilities were $0.6 million and $1.1 million, respectively, for the same period.
Fair Value of Financial Instruments	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.
Goodwill and intangible assets	Goodwill and indefinite-lived 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. We complete our 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 estimated fair value of the reporting unit. We determine the fair value of our reporting units using a discounted cash flow approach. We selected this valuation approach because we believe it, combined with our best judgment regarding underlying assumptions and estimates, provides the best estimate of fair value for each of our reporting units. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, future operating margins, the weighted average cost of capital ("discount rates"), a terminal growth value, and future market conditions, among others. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its calculated fair value, we recognize a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As such, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements for the three months ended March 31, 2020. Based on this analysis, we recorded a $7.7 million goodwill impairment loss in the first quarter of 2020, all of which was in our Eastern Hemisphere reporting unit.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate our property and equipment and definite-lived intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgements regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result.
Restructuring and Other Charges	Restructuring and Other Charges During 2020, the overall offshore market conditions declined as a result of the COVID-19 pandemic and developments in global oil markets. As such, we incurred additional costs under our existing 2018 global strategic plan to realign our manufacturing facilities globally. In the first quarter of 2020, we recorded non-cash inventory and long-lived asset write-downs of approximately $17.3 million and $6.9 million, respectively, as a result of expected changes in our business structure and manufacturing footprint. In the third quarter of 2018, we initiated a global strategic plan to better align our operations with market conditions and finalized this plan during the second quarter of 2019. As a result of this plan, during the three and six months ended June 30, 2019, we incurred restructuring charges of approximately $1.0 million and $3.4 million, respectively. All of these charges primarily relate to employee termination benefits and consulting fees.
Treasury Shares	Treasury Shares On February 26, 2019, the Board of Directors authorized a share repurchase plan under which the Company can repurchase up to $100 million of its common stock. The repurchase plan has no set expiration date and any repurchased shares are expected to be cancelled. For the June 30, 2020, the Company purchased shares under the share repurchase plan at an average price of approximately $30.91 per share totaling approximately $25.0 million and has retired such shares. For the three month period ended June 30, 2019, the Company purchased 22,073 shares under the share repurchase plan at an average price of approximately $39.87 per share totaling approximately $0.9 million and has retired such shares. For the six-month period ended June 30, 2019, the Company purchased 50,151 shares under the share repurchase plan at an average price of approximately $39.80 per share totaling approximately $2.0 million and has retired such shares.
Earnings Per Share	Earnings Per Share Basic earnings per common share is computed by dividing net income (loss) 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 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 Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Weighted average common shares outstanding - basic 35,023 35,967 35,359 35,764 Dilutive effect of common stock awards - 243 - - Weighted average common shares outstanding – diluted 35,023 36,210 35,359 35,764 For the three and six months ended June 30, 2020 and 2019, the Company has excluded the following common stock options and awards because their impact on the income/(loss) per share is anti-dilutive (in thousands on a weighted average basis): Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Director stock awards 45 - 42 7 Stock options 122 - 124 - Performance share units 279 2 278 121 Restricted stock awards 333 7 333 97

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
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 Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Weighted average common shares outstanding - basic 35,023 35,967 35,359 35,764 Dilutive effect of common stock awards - 243 - - Weighted average common shares outstanding – diluted 35,023 36,210 35,359 35,764
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three and six months ended June 30, 2020 and 2019, the Company has excluded the following common stock options and awards because their impact on the income/(loss) per share is anti-dilutive (in thousands on a weighted average basis): Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Director stock awards 45 - 42 7 Stock options 122 - 124 - Performance share units 279 2 278 121 Restricted stock awards 333 7 333 97

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Revenue from Contract with Customer Excludes Leasing	Revenues from contracts with customers (excludes leasing) consisted of the following: Three months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Product Revenues $ 36,797 $ 38,883 $ 14,216 $ 24,540 $ 12,120 $ 13,810 $ 63,133 $ 77,233 Service Revenues 13,164 9,161 3,593 4,869 3,993 2,545 20,750 16,575 Total $ 49,961 $ 48,044 $ 17,809 $ 29,409 $ 16,113 $ 16,355 $ 83,883 $ 93,808 Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Product Revenues $ 78,269 $ 75,259 $ 32,395 $ 43,158 $ 20,027 $ 24,250 $ 130,691 $ 142,667 Service Revenues 24,120 19,006 7,931 9,873 7,513 6,172 39,564 35,051 Total $ 102,389 $ 94,265 $ 40,326 $ 53,031 $ 27,540 $ 30,422 $ 170,255 $ 177,718
Schedule of Contract Asset and Liability	Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands) Contract Assets at December 31, 2019 $ 136,332 Additions 66,017 Transfers to Trade Receivables, Net (66,025 ) Contract Assets at June 30, 2020 $ 136,324 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2019 $ 6,901 Additions 2,517 Revenue Recognized (1,838 ) Contract Liabilities at June 30, 2020 $ 7,580

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 31, 2020 2019 (In thousands) Raw materials and supplies $ 40,100 $ 46,282 Work in progress 49,863 54,171 Finished goods 204,402 175,629 294,365 276,082 Less: allowance for slow moving and excess inventory (81,953 ) (71,020 ) Total inventory $ 212,412 $ 205,062

Impairment, Restructuring and_2

Impairment, Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Schedule of Impairment, Restructuring and Other Charges	The following table summarizes the components of charges included in "Restructuring and other charges" in our consolidated statement of operations for the three and six months ended June 30, 2020 (in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 Inventory write-down $ - $ 17,272 Severance - 8,399 Long-lived asset write-down 942 7,854 Other 645 775 $ 1,587 $ 34,300
Schedule of Accrued Liabilities Related to Restructuring and Others Charges	The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2020 (in thousands): June 30, 2020 Balance at January 1, 2020 $ - Additions for costs expensed 8,399 Reductions for payments (1,344 ) Ending balance at June 30, 2020 $ 7,055

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets	Intangible assets consist of the following: June 30, 2020 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,206 $ (765 ) $ (51 ) $ 7,390 Patents 15 5,951 (2,408 ) (3 ) 3,540 Customer relationships 5 25,939 (6,385 ) (178 ) 19,376 Non-compete agreements 3 years 171 (171 ) - - Organizational costs indefinite 179 - (12 ) 167 $ 40,446 $ (9,729 ) $ (244 ) $ 30,473 December 31, 2019 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,159 $ (512 ) $ 47 $ 7,694 Patents 15 5,945 (2,529 ) - 3,416 Customer relationships 5 25,787 (4,954 ) 122 20,955 Non-compete agreements 3 years 171 (170 ) - 1 Organizational costs indefinite 172 - 7 179 $ 40,234 $ (8,165 ) $ 176 $ 32,245

Geographic Areas (Tables)

Geographic Areas (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting	Three months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Revenues Products Point in Time $ 14,873 $ 26,874 $ 6,839 $ 17,826 $ 7,293 $ 10,517 $ - $ - $ 29,005 $ 55,217 Over Time 21,924 12,009 7,377 6,714 4,827 3,293 - - 34,128 22,016 Total Products 36,797 38,883 14,216 24,540 12,120 13,810 - - 63,133 77,233 Services Technical Advisory 10,456 6,929 1,937 4,044 2,938 2,085 - - 15,331 13,058 Reconditioning 2,708 2,232 1,656 825 1,055 460 - - 5,419 3,517 Total Services (excluding rental tools) 13,164 9,161 3,593 4,869 3,993 2,545 - - 20,750 16,575 Leasing 3,674 4,962 1,826 3,439 1,063 1,599 - - 6,563 10,000 Total Services (including rental tools) 16,838 14,123 5,419 8,308 5,056 4,144 - - 27,313 26,575 Intercompany 2,317 2,519 689 202 3,413 1,040 - 6,419 3,761 Eliminations - - - - - - (6,419 ) (3,761 ) (6,419 ) (3,761 ) Total Revenues $ 55,952 $ 55,525 $ 20,324 $ 33,050 $ 20,589 $ 18,994 $ (6,419 ) $ (3,761 ) $ 90,446 $ 103,808 Depreciation and amortization $ 4,801 $ 5,437 $ 952 $ 1,176 $ 1,254 $ 1,199 $ 933 $ 683 $ 7,940 $ 8,495 Income (loss) before income taxes $ 5,024 $ 5,675 $ (2,349 ) $ 7,321 $ 5,615 $ 6,704 $ (15,351 ) $ (14,900 ) $ (7,061 ) $ 4,800 Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (In thousands) Revenues Products Point in Time $ 37,837 $ 50,640 $ 15,801 $ 31,944 $ 12,740 $ 20,957 $ - $ - $ 66,378 $ 103,541 Over Time 40,432 24,619 16,594 11,214 7,287 3,293 - - 64,313 39,126 Total Products 78,269 75,259 32,395 43,158 20,027 24,250 - - 130,691 142,667 Services Technical Advisory 17,852 13,953 5,433 8,126 6,227 5,281 - - 29,512 27,360 Reconditioning 6,268 5,053 2,498 1,747 1,286 891 - - 10,052 7,691 Total Services (excluding rental tools) 24,120 19,006 7,931 9,873 7,513 6,172 - - 39,564 35,051 Leasing 8,435 11,283 4,574 6,086 3,180 3,038 - - 16,189 20,407 Total Services (including rental tools) 32,555 30,289 12,505 15,959 10,693 9,210 - - 55,753 55,458 Intercompany 5,631 6,613 1,020 346 5,669 1,778 - - 12,320 8,737 Eliminations - - - - - - (12,320 ) (8,737 ) (12,320 ) (8,737 ) Total $ 116,455 $ 112,161 $ 45,920 $ 59,463 $ 36,389 $ 35,238 $ (12,320 ) $ (8,737 ) $ 186,444 $ 198,125 Depreciation and amortization $ 10,423 $ 10,857 $ 1,926 $ 2,228 $ 2,594 $ 2,397 $ 1,870 $ 1,369 $ 16,813 $ 16,851 Income (loss) before income taxes $ 13,177 $ 8,408 $ (30,670 ) $ 13,902 $ 7,184 $ 11,901 $ (38,059 ) $ (33,128 ) $ (48,368 ) $ 1,083 June 30, 2020 December 31, 2019 (In thousands) Total long-lived assets: Western Hemisphere $ 366,922 $ 379,776 Eastern Hemisphere 235,400 246,854 Asia-Pacific 69,096 71,384 Eliminations (371,939 ) (371,938 ) Total $ 299,479 $ 326,076 Total assets: Western Hemisphere $ 785,060 $ 732,716 Eastern Hemisphere 781,078 818,803 Asia-Pacific 188,768 181,188 Eliminations (607,215 ) (526,142 ) Total $ 1,147,691 $ 1,206,565

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2020SegmentLocation
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of geographic segments | Segment	3
Number of headquarter locations | Location	3

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Feb. 26, 2019
Accounting Policies [Line Items]
Lease revenues	$ 6,563,000		$ 10,000,000		$ 16,189,000	$ 20,407,000
Goodwill impairment loss	0	$ 7,700,000	0			0
Inventory write-down	0	17,300,000			17,272,000
Long-lived asset impairment	942,000	6,900,000			7,854,000
Severance costs	0	8,400,000			8,399,000
Restructuring costs		100,000
Restructuring and other charges	1,587,000				34,300,000		$ 98,600,000
Other restructuring charges	$ 645,000		$ 1,000,000		$ 775,000	$ 3,400,000
Shares authorized to be purchased (up to) (in shares)								$ 100,000,000
Treasury stock shares (in shares)	0		22,073		808,389	50,151
Average price of shares (in dollars per share)			$ 39.87		$ 30.91	$ 39.80
Treasury stock, value of acquired shares			$ 900,000		$ 25,000,000	$ 2,000,000
Reclassified from selling general and administrative cost to foreign currency transaction gain loss			$ 200,000	$ 3,200,000		$ 900,000
Eastern Hemisphere [Member]
Accounting Policies [Line Items]
Goodwill impairment loss		$ 7,700,000			7,700,000
Running Tools [Member]
Accounting Policies [Line Items]
Lease revenues	$ 6,000,000				15,100,000
Rental Facilities [Member]
Accounting Policies [Line Items]
Lease revenues	$ 600,000				$ 1,100,000

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	35,023	35,967	35,359	35,764
Dilutive effect of common stock awards (in shares)	0	243	0	0
Weighted average common shares outstanding diluted (in shares)	35,023	36,210	35,359	35,764

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	45	0	42	7
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	122	0	124	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	279	2	278	121
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	333	7	333	97

Revenue Recognition - Revenues

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 83,883	$ 93,808	$ 170,255	$ 177,718
Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	49,961	48,044	102,389	94,265
Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	16,113	16,355	27,540	30,422
Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	17,809	29,409	40,326	53,031
Products
Disaggregation Of Revenue [Line Items]
Revenues	63,133	77,233	130,691	142,667
Products | Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	36,797	38,883	78,269	75,259
Products | Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	12,120	13,810	20,027	24,250
Products | Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	14,216	24,540	32,395	43,158
Services
Disaggregation Of Revenue [Line Items]
Revenues	20,750	16,575	39,564	35,051
Services | Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	13,164	9,161	24,120	19,006
Services | Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	3,993	2,545	7,513	6,172
Services | Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,593	$ 4,869	$ 7,931	$ 9,873

Revenue Recognition - Contract

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Contract Assets
Contract Assets at December 31, 2019	$ 136,332
Additions	66,017
Transfers to Trade Receivables, Net	(66,025)
Contract Assets at June 30, 2020	136,324
Contract Liabilities
Contract Liabilities at December 31, 2019	6,901
Contract Liabilities at June 30, 2020	7,682
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2019	6,901
Additions	2,517
Revenue Recognized	(1,838)
Contract Liabilities at June 30, 2020	$ 7,580

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 140,226	$ 140,534
Performance obligation	92,700
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 102,100	$ 83,200

Revenue Recognition - Narrati_2

Revenue Recognition - Narrative (Details1)	Jun. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	62.30%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	37.70%
Expected timing of satisfaction period	0 years

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized expense	$ 0	$ 0	$ 0	$ 0
Former Chief Operating Officer | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		1,800,000		1,800,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 3,300,000	$ 3,200,000	$ 6,500,000	$ 8,100,000

Inventories, net (Detail)

Inventories, net (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 40,100	$ 46,282
Work in progress	49,863	54,171
Finished goods	204,402	175,629
Inventory, gross, Total	294,365	276,082
Less: allowance for slow moving and excess inventory	(81,953)	(71,020)
Total inventory	$ 212,412	$ 205,062

Impairment, Restructuring and_3

Impairment, Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Restructuring Cost And Reserve [Line Items]
Severance costs	$ 0	$ 8,400		$ 8,399
Consulting fees			$ 1,000
Other restructuring charges	645		1,000	775	$ 3,400
Total impairment, restructuring and other charges	1,587			$ 34,300		$ 98,600
Goodwill impairment loss	$ 0	$ 7,700	$ 0		0
Former Chief Operating Officer
Restructuring Cost And Reserve [Line Items]
Severance costs					$ 1,100

Impairment, Restructuring and_4

Impairment, Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Restructuring And Related Activities [Abstract]
Inventory write-down	$ 0	$ 17,300		$ 17,272
Severance	0	8,400		8,399
Long-lived asset impairment	942	$ 6,900		7,854
Other restructuring charges	645		$ 1,000	775	$ 3,400
Total impairment, restructuring and other charges	$ 1,587			$ 34,300		$ 98,600

Impairment, Restructuring and_5

Impairment, Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Restructuring And Related Activities [Abstract]
Beginning balance	$ 0
Additions for costs expensed	8,399
Reductions for payments	(1,344)
Ending balance	$ 7,055

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (9,729)	$ (8,165)
Finite-Lived, Foreign Currency Translation	(244)	176
Indefinite-lived, Gross Book Value	179	172
Indefinite-lived Intangible Assets, Foreign Currency Translation	(12)	7
Indefinite-lived Intangible, Net Book Value	167	179
Indefinite and Finite-Lived, Gross Book Value	40,446	40,234
Indefinite and Finite-Lived, Net Book Value	$ 30,473	$ 32,245
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,206	$ 8,159
Accumulated Amortization	(765)	(512)
Finite-Lived, Foreign Currency Translation	(51)	47
Finite-Lived, Net Book Value	7,390	7,694
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	5,951	5,945
Accumulated Amortization	(2,408)	(2,529)
Finite-Lived, Foreign Currency Translation	(3)
Finite-Lived, Net Book Value	$ 3,540	$ 3,416
Patents | Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Patents | Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	30 years	30 years
Customer relationships
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 25,939	$ 25,787
Accumulated Amortization	(6,385)	(4,954)
Finite-Lived, Foreign Currency Translation	(178)	122
Finite-Lived, Net Book Value	$ 19,376	$ 20,955
Customer relationships | Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	5 years	5 years
Customer relationships | Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Non-compete agreements
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Finite-Lived, Gross Book Value	$ 171	$ 171
Accumulated Amortization	$ (171)	(170)
Finite-Lived, Net Book Value		$ 1

Asset Backed Loan (ABL) Credi_2

Asset Backed Loan (ABL) Credit Facility (Details) - ABL Credit Facility - Revolving Credit Facility	Feb. 23, 2018USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Debt instrument, term	5 years
Total commitments	$ 100,000,000
Amount available for letters of credit (up to)	$ 10,000,000
Fixed charges ratio		1.1
Available borrowing capacity		$ 38,000,000
Letters of credit outstanding		$ 1,000,000
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
CB Floating Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
CB Floating Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%

Geographic Areas - Additional I

Geographic Areas - Additional Information (Detail) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)SegmentLocation	Jun. 30, 2019USD ($)
Concentration Risk [Line Items]
Number of geographic segments | Segment				3
Number of headquarter locations | Location				3
Restructuring and other charges	$ 1,587		$ 1,019	$ 34,300	$ 3,415
Impairment, restructuring and other charges				42,000
Impairment of inventory and long-lived assets				25,100
Goodwill impairment loss	0	$ 7,700	0		0
Former Chief Operating Officer
Concentration Risk [Line Items]
Restructuring and other charges					1,100
Corporate, Non-Segment
Concentration Risk [Line Items]
Restructuring and other charges			$ 1,000
Impairment, restructuring and other charges				6,900
Western Hemisphere
Concentration Risk [Line Items]
Write-down of long-lived assets	900
Impairment, restructuring and other charges				2,800
Impairment of inventory and long-lived assets				2,800
Eastern Hemisphere [Member]
Concentration Risk [Line Items]
Impairment, restructuring and other charges				32,100
Impairment of inventory and long-lived assets				22,300
Goodwill impairment loss		$ 7,700		7,700
Asia Pacific
Concentration Risk [Line Items]
Impairment, restructuring and other charges				$ 200
Consulting Fees
Concentration Risk [Line Items]
Restructuring and other charges					$ 3,400
Consulting Fees | Corporate, Non-Segment
Concentration Risk [Line Items]
Restructuring and other charges	$ 700

Geographic Areas - Schedule of

Geographic Areas - Schedule of Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 90,446	$ 103,808	$ 186,444	$ 198,125
Depreciation and amortization	7,940	8,495	16,813	16,851
Income (loss) before income taxes	(7,061)	4,800	(48,368)	1,083
Total long-lived assets	299,479		299,479		$ 326,076
Total assets	1,147,691		1,147,691		1,206,565
Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	29,005	55,217	66,378	103,541
Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	34,128	22,016	64,313	39,126
Intercompany
Segment Reporting Information [Line Items]
Revenues	6,419	3,761	12,320	8,737
Eliminations
Segment Reporting Information [Line Items]
Revenues	(6,419)	(3,761)	(12,320)	(8,737)
Total long-lived assets	(371,939)		(371,939)		(371,938)
Total assets	(607,215)		(607,215)		(526,142)
Western Hemisphere
Segment Reporting Information [Line Items]
Revenues	55,952	55,525	116,455	112,161
Western Hemisphere | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	14,873	26,874	37,837	50,640
Western Hemisphere | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	21,924	12,009	40,432	24,619
Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	4,801	5,437	10,423	10,857
Income (loss) before income taxes	5,024	5,675	13,177	8,408
Total long-lived assets	366,922		366,922		379,776
Total assets	785,060		785,060		732,716
Western Hemisphere | Intercompany
Segment Reporting Information [Line Items]
Revenues	2,317	2,519	5,631	6,613
Eastern Hemisphere [Member]
Segment Reporting Information [Line Items]
Revenues	20,324	33,050	45,920	59,463
Eastern Hemisphere [Member] | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	6,839	17,826	15,801	31,944
Eastern Hemisphere [Member] | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	7,377	6,714	16,594	11,214
Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	952	1,176	1,926	2,228
Income (loss) before income taxes	(2,349)	7,321	(30,670)	13,902
Total long-lived assets	235,400		235,400		246,854
Total assets	781,078		781,078		818,803
Eastern Hemisphere [Member] | Intercompany
Segment Reporting Information [Line Items]
Revenues	689	202	1,020	346
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	20,589	18,994	36,389	35,238
Asia Pacific | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	7,293	10,517	12,740	20,957
Asia Pacific | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	4,827	3,293	7,287	3,293
Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	1,254	1,199	2,594	2,397
Income (loss) before income taxes	5,615	6,704	7,184	11,901
Total long-lived assets	69,096		69,096		71,384
Total assets	188,768		188,768		$ 181,188
Asia Pacific | Intercompany
Segment Reporting Information [Line Items]
Revenues	3,413	1,040	5,669	1,778
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues	(6,419)	(3,761)	(12,320)	(8,737)
Depreciation and amortization	933	683	1,870	1,369
Income (loss) before income taxes	(15,351)	(14,900)	(38,059)	(33,128)
Corporate, Non-Segment | Eliminations
Segment Reporting Information [Line Items]
Revenues	(6,419)	(3,761)	(12,320)	(8,737)
Products | Operating Segments
Segment Reporting Information [Line Items]
Revenues	63,133	77,233	130,691	142,667
Products | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	36,797	38,883	78,269	75,259
Products | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	14,216	24,540	32,395	43,158
Products | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,120	13,810	20,027	24,250
Technical Advisory | Operating Segments
Segment Reporting Information [Line Items]
Revenues	15,331	13,058	29,512	27,360
Technical Advisory | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,456	6,929	17,852	13,953
Technical Advisory | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,937	4,044	5,433	8,126
Technical Advisory | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,938	2,085	6,227	5,281
Reconditioning | Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,419	3,517	10,052	7,691
Reconditioning | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,708	2,232	6,268	5,053
Reconditioning | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,656	825	2,498	1,747
Reconditioning | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,055	460	1,286	891
Total Services (excluding rental tools) | Operating Segments
Segment Reporting Information [Line Items]
Revenues	20,750	16,575	39,564	35,051
Total Services (excluding rental tools) | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,164	9,161	24,120	19,006
Total Services (excluding rental tools) | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,593	4,869	7,931	9,873
Total Services (excluding rental tools) | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,993	2,545	7,513	6,172
Leasing | Operating Segments
Segment Reporting Information [Line Items]
Revenues	6,563	10,000	16,189	20,407
Leasing | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,674	4,962	8,435	11,283
Leasing | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,826	3,439	4,574	6,086
Leasing | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,063	1,599	3,180	3,038
Total Services (including rental tools) | Operating Segments
Segment Reporting Information [Line Items]
Revenues	27,313	26,575	55,753	55,458
Total Services (including rental tools) | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,838	14,123	32,555	30,289
Total Services (including rental tools) | Eastern Hemisphere [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,419	8,308	12,505	15,959
Total Services (including rental tools) | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 5,056	$ 4,144	$ 10,693	$ 9,210

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Millions	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unusual Risk Or Uncertainty [Line Items]
Effective tax rate, percent		(100.30%)	65.00%	30.00%	503.50%
Deferred foreign tax liability		$ 3.4		$ 3.4
Covid 19
Unusual Risk Or Uncertainty [Line Items]
Effective tax rate, percent	69.10%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Brazil $ in Millions	2 Months Ended
	Jan. 31, 2011USD ($)assessment	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Commitments And Contingencies [Line Items]
Number of tax assessments | assessment	2
Value of assessments served on Brazilian subsidiary	$ 13
Court deposit		$ 8.8	$ 8.8