Innovex Downhole Solutions (INVX) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
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, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock Shares Outstanding		35,431,110
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 370,481	$ 345,955
Trade receivables, net	90,417	116,202
Unbilled receivables	145,400	140,318
Inventories, net	202,382	212,536
Prepaids and other current assets	40,606	48,182
Total current assets	849,286	863,193
Operating lease right of use assets	5,542	6,962
Property, plant and equipment, net	229,247	234,823
Deferred income taxes	6,403	5,768
Intangible assets	27,979	29,434
Other assets	6,252	10,992
Total assets	1,124,709	1,151,172
Current liabilities:
Accounts payable	47,610	37,424
Accrued income taxes	1,960	4,343
Contract liabilities	13,448	11,339
Accrued compensation	8,549	5,015
Operating lease liabilities	928	1,110
Other accrued liabilities	34,040	26,281
Total current liabilities	106,535	85,512
Deferred income taxes	6,694	6,779
Income tax payable	9,524	9,383
Operating lease liabilities, long-term	4,636	5,845
Other long-term liabilities	1,996	2,125
Total liabilities	129,385	109,644
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, 35,431,110 and 35,417,712 shares issued and outstanding at June 30, 2021 and December 31, 2020	363	363
Additional paid-in capital	71,878	65,613
Retained earnings	1,071,838	1,125,263
Accumulated other comprehensive losses	(148,755)	(149,711)
Total stockholders' equity	995,324	1,041,528
Total liabilities and stockholders' equity	$ 1,124,709	$ 1,151,172

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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)	35,431,110	35,417,712
Common stock, shares outstanding (in shares)	35,431,110	35,417,712

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenues from products and services	$ 73,396	$ 83,883	$ 146,646	$ 170,255
Leasing	7,401	6,563	15,390	16,189
Total revenues	80,797	90,446	162,036	186,444
Cost of sales:
Total cost of sales	61,539	66,937	118,326	138,351
Selling, general and administrative	29,593	23,331	59,151	47,989
Engineering and product development	3,722	5,364	7,759	10,889
Impairments				7,719
Restructuring and other charges	1,000	1,587	26,020	34,300
(Gain) loss on sale of assets	82	(85)	(3,873)	(552)
Foreign currency transaction (gains) and losses	(475)	817	899	(2,425)
Total costs and expenses	95,461	97,951	208,282	236,271
Operating loss	(14,664)	(7,505)	(46,246)	(49,827)
Interest income	63	653	112	1,859
Interest expense	(59)	(209)	(498)	(400)
Loss before income taxes	(14,660)	(7,061)	(46,632)	(48,368)
Income tax provision (benefit)	4,407	7,081	6,793	(14,528)
Net loss	$ (19,067)	$ (14,142)	$ (53,425)	$ (33,840)
Loss per common share:
Basic (in dollars per share)	$ (0.54)	$ (0.40)	$ (1.51)	$ (0.96)
Diluted (in dollars per share)	$ (0.54)	$ (0.40)	$ (1.51)	$ (0.96)
Weighted average common shares outstanding:
Basic (in shares)	35,387	35,023	35,386	35,359
Diluted (in shares)	35,387	35,023	35,386	35,359
Products
Revenues:
Revenues from products and services	$ 55,860	$ 63,133	$ 111,443	$ 130,691
Cost of sales:
Total cost of sales	43,920	49,741	85,124	103,386
Services
Revenues:
Revenues from products and services	17,536	20,750	35,203	39,564
Cost of sales:
Total cost of sales	8,317	9,222	17,667	18,910
Leasing
Cost of sales:
Total cost of sales	$ 9,302	$ 7,974	$ 15,535	$ 16,055

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (19,067)	$ (14,142)	$ (53,425)	$ (33,840)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	3,046	2,048	956	(22,931)
Total comprehensive loss	$ (16,021)	$ (12,094)	$ (52,469)	$ (56,771)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (53,425)	$ (33,840)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	14,759	16,813
Stock-based compensation expense	6,265	6,458
Impairments		7,719
Restructuring and other charges	23,218	34,300
Gain on sale of assets	(3,873)	(552)
Deferred income taxes	(695)	(2,421)
Changes in operating assets and liabilities:
Trade receivables, net	26,450	(104)
Unbilled receivables	(5,082)	(467)
Inventories, net	(12,700)	(33,869)
Prepaids and other assets	14,375	(23,452)
Accounts payable and accrued expenses	15,123	11,224
Net cash provided by (used in) operating activities	24,415	(18,191)
Investing activities
Purchase of property, plant and equipment	(5,625)	(8,318)
Proceeds from sale of equipment	5,950	3,138
Net cash provided by (used in) investing activities	325	(5,180)
Financing activities
Repurchase of common shares		(25,000)
Other	(77)	(129)
Net cash used in financing activities	(77)	(25,129)
Effect of exchange rate changes on cash activities	(137)	(4,638)
Increase (decrease) in cash and cash equivalents	24,526	(53,138)
Cash and cash equivalents at beginning of period	345,955	398,946
Cash and cash equivalents at end of period	$ 370,481	$ 345,808

CONDENSED CONSOLIDATED STATEM_4

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, 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 loss	(33,840)			(33,840)
Total 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 loss	(14,142)			(14,142)
Total 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)
Beginning Balance at Dec. 31, 2020	1,041,528	363	65,613	1,125,263	(149,711)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	956				956
Net loss	(53,425)			(53,425)
Total comprehensive loss	(52,469)
Stock option expense	6,265		6,265
Ending Balance at Jun. 30, 2021	995,324	363	71,878	1,071,838	(148,755)
Beginning Balance at Mar. 31, 2021	1,008,266	363	68,799	1,090,905	(151,801)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	3,046				3,046
Net loss	(19,067)			(19,067)
Total comprehensive loss	(16,021)
Stock option expense	3,079		3,079
Ending Balance at Jun. 30, 2021	$ 995,324	$ 363	$ 71,878	$ 1,071,838	$ (148,755)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Stockholders Equity [Abstract]
Treasury stock shares (in shares)	0	0	808,389	0	808,389

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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, 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 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 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; Dril-Quip Venezuela S.C.A., located in Anaco, Venezuela and with a registered branch located in Ecuador; TIW (UK) Limited, located in Aberdeen, Scotland; 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, 2020 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, 2021 and the results of operations and comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. 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 We are continuing to experience effects resulting from the COVID-19 pandemic, albeit to a lesser degree as compared to 2020. Increased availability of the COVID-19 vaccine to the general population in the second quarter of 2021 has resulted in a lower rate of new infections, hospitalizations and deaths as compared to 2020. Although the downward trend is encouraging, emergence and spread of the COVID-19 Delta variant adds uncertainty for a potential economic recovery. The effect of the pandemic and the actions and changes in consumer behavior resulting from the pandemic continue to impact our business and have significantly reduced global economic activity and global demand for oil and gas. This demand reduction was further exacerbated by disputes over oil production between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations. We continue to experience delayed recovery in 2021 as the market continues to be volatile and challenging. The extent of the impact of the pandemic, including economic impacts that may persist following the widespread global deployment of vaccines, 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, 2021
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 running 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. Leasing revenues The Company earns leasing revenues from the rental of running tools. Revenues from rental of running tools are recognized on a day rate basis over the lease term, which is generally between one to three months. On April 30, 2021, as a result of lower activity stemming from the COVID-19 pandemic, AFGlobal Corporation provided a 90-day written notice of termination of the lease agreement between the Company and AFGlobal in relation to the Company’s forge facility and equipment at its Houston Eldridge campus. Based on the initial 5-year term of the lease agreement, the Company had straight-lined the total anticipated lease revenue for that initial term into equal monthly lease revenue. As a result of the lease termination, the Company has approximately $2.3 million in unbilled revenue that was expensed as of June 30, 2021. Leasing revenue from renting this facility that was not recognized due to the termination of the lease agreement was approximately $0.5 million for the three and six months ended 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. 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 the first half of 2021, the Company incurred additional costs under our existing 2018 global strategic plan to realign manufacturing facilities globally. These charges were primarily related to the restructuring of our downhole tools business where we exited certain underperforming countries and markets and shifted from manufacturing in-house to a vendor sourcing model. During the first half of 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. Repurchase of Equity Securities 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. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price, liquidity and other factors. The program does not obligate the Company to acquire any amount of common stock and may be modified or superseded at any time at the Company’s discretion. For the three and six months ended For the six months ended , June 30, 2020 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, 2021 2020 2021 2020 (In thousands) Weighted average common shares outstanding – basic 35,387 35,023 35,386 35,359 Dilutive effect of common stock awards - - - - Weighted average common shares outstanding – diluted 35,387 35,023 35,386 35,359 For the three and six months ended June 30, 2021 and 2020, 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, 2021 2020 2021 2020 (In thousands) Director stock awards 60 45 58 42 Stock options 58 122 58 124 Performance share units 329 279 330 278 Restricted stock awards 479 333 480 333

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 2021
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards	3. 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. The adoption of ASU 2019-12 did not have a material impact on our financial position, results of operations or cash flows.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
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 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Product Revenues $ 37,259 $ 36,797 $ 8,565 $ 14,216 $ 10,036 $ 12,120 $ 55,860 $ 63,133 Service Revenues 10,438 13,164 2,571 3,593 4,527 3,993 17,536 20,750 Total $ 47,697 $ 49,961 $ 11,136 $ 17,809 $ 14,563 $ 16,113 $ 73,396 $ 83,883 Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Product Revenues $ 75,175 $ 78,269 $ 15,287 $ 32,395 $ 20,981 $ 20,027 $ 111,443 $ 130,691 Service Revenues 20,942 24,120 5,290 7,931 8,971 7,513 35,203 39,564 Total $ 96,117 $ 102,389 $ 20,577 $ 40,326 $ 29,952 $ 27,540 $ 146,646 $ 170,255 Contract Balances Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands) Contract Assets at December 31, 2020 $ 135,973 Additions 46,990 Transfers to Trade Receivables, Net (41,930 ) Contract Assets at June 30, 2021 $ 141,033 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2020 $ 10,815 Additions 21,618 Revenue Recognized (19,058 ) Contract Liabilities at June 30, 2021 $ 13,375 Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $83.4 million and $98.2 million at June 30, 2021 and December 31, 2020, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers. Obligations for returns and refunds were considered immaterial as of June 30, 2021. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $57.6 million as of June 30, 2021. The Company expects to recognize revenue on approximately 87.0% of the remaining performance obligations over the next 12 months and the remaining 13.0% 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, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation and Stock Awards	5. During the three and six months ended

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories, net	6. Inventories consist of the following: June 30, December 31, 2021 2020 (In thousands) Raw materials and supplies $ 30,346 $ 32,833 Work in progress 43,169 44,924 Finished goods 226,438 216,928 299,953 294,685 Less: allowance for slow moving and excess inventory (97,571 ) (82,149 ) Total inventory $ 202,382 $ 212,536

Impairment, Restructuring and O

Impairment, Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2021
Restructuring And Related Activities [Abstract]
Impairment, Restructuring and Other Charges	7. Impairment, Restructuring and Other Charges Restructuring and Other Charges During the three and six months ended June 30, 2021, the Company incurred additional costs under our existing 2018 global strategic plan to realign manufacturing facilities globally. These charges were primarily related to the restructuring of our downhole tools business where we exited certain underperforming countries and markets and shifted from manufacturing in-house to a vendor sourcing model. 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 three and six months ended June 30, 2020. The following table summarizes the components of charges included in "Restructuring and other charges" in our condensed consolidated statements of income (loss) for the three and six months ended Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Inventory write-down $ - $ - $ 19,251 $ 17,272 Severance - - 2,745 8,399 Long-lived asset write-down - 942 - 7,854 Other 1,000 645 4,024 775 $ 1,000 $ 1,587 $ 26,020 $ 34,300 The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2021 Total Beginning balance at January 1, 2021 $ 1,146 Additions for costs expensed 5,768 Reductions for payments (1,802 ) Other 2 Ending balance at June 30, 2021 $ 5,114 Goodwill Impairment For the three months ended March 31, 2020, as a result of our updated assessment of market conditions and restructuring efforts, impairment losses consisted of a full impairment of our Goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit. These charges are reflected as "Impairments" in our condensed consolidated statements of income (loss).

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible assets, the majority of which were acquired in the acquisition of TIW and OPT, consist of the following: June 30, 2021 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,262 $ (1,298 ) $ (16 ) $ 6,948 Patents 15 6,060 (3,034 ) (2 ) 3,024 Customer relationships 5 26,095 (8,233 ) 5 17,867 Organizational costs 3 years 185 (47 ) 2 140 $ 40,602 $ (12,612 ) $ (11 ) $ 27,979 December 31, 2020 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,238 $ (1,033 ) $ (5 ) $ 7,200 Patents 15 6,054 (2,715 ) (2 ) 3,337 Customer relationships 5 25,966 (7,304 ) 65 18,727 Organizational costs 3 years 179 (15 ) 6 170 $ 40,437 $ (11,067 ) $ 64 $ 29,434

Asset Backed Loan (ABL) Credit

Asset Backed Loan (ABL) Credit Facility	6 Months Ended
	Jun. 30, 2021
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 the 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, 2021. As of June 30, 2021, the availability under the ABL Credit Facility was $25.1 million, after taking into account the outstanding letters of credit of approximately $7.4 million

Geographic Areas

Geographic Areas	6 Months Ended
	Jun. 30, 2021
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 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 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Revenues Products Point in Time $ 25,948 $ 14,873 $ 5,956 $ 6,839 $ 6,890 $ 7,293 $ - $ - $ 38,794 $ 29,005 Over Time 11,311 21,924 2,609 7,377 3,146 4,827 - - 17,066 34,128 Total Products 37,259 36,797 8,565 14,216 10,036 12,120 - - 55,860 63,133 Services Technical Advisory 7,781 10,456 2,127 1,937 3,787 2,938 - - 13,695 15,331 Reconditioning 2,657 2,708 444 1,656 740 1,055 - - 3,841 5,419 Total Services (excluding rental tools) 10,438 13,164 2,571 3,593 4,527 3,993 - - 17,536 20,750 Leasing 4,233 3,674 1,944 1,826 1,224 1,063 - - 7,401 6,563 Total Services (including rental tools) 14,671 16,838 4,515 5,419 5,751 5,056 - - 24,937 27,313 Intercompany 2,553 2,317 496 689 6,223 3,413 - 9,272 6,419 Eliminations - - - - - - (9,272 ) (6,419 ) (9,272 ) (6,419 ) Total Revenues $ 54,483 $ 55,952 $ 13,576 $ 20,324 $ 22,010 $ 20,589 $ (9,272 ) $ (6,419 ) $ 80,797 $ 90,446 Depreciation and amortization $ 4,250 $ 4,801 $ 986 $ 952 $ 1,180 $ 1,254 $ 927 $ 933 $ 7,343 $ 7,940 Income (loss) before income taxes $ (2,175 ) $ 5,024 $ 3,553 $ (2,349 ) $ 4,800 $ 5,615 $ (20,838 ) $ (15,351 ) $ (14,660 ) $ (7,061 ) During the three months ended June 30, 2021, we recorded restructuring and other charges of $1.0 million, consisting primarily of consulting fees in DQ Corporate. 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. Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Revenues Products Point in Time $ 54,235 $ 37,837 $ 10,809 $ 15,801 $ 15,467 $ 12,740 $ - $ - $ 80,511 $ 66,378 Over Time 20,940 40,432 4,478 16,594 5,514 7,287 - - 30,932 64,313 Total Products 75,175 78,269 15,287 32,395 20,981 20,027 - - 111,443 130,691 Services Technical Advisory 16,102 17,852 4,020 5,433 7,974 6,227 - - 28,096 29,512 Reconditioning 4,840 6,268 1,270 2,498 997 1,286 - - 7,107 10,052 Total Services (excluding rental tools) 20,942 24,120 5,290 7,931 8,971 7,513 - - 35,203 39,564 Leasing 8,671 8,435 3,072 4,574 3,647 3,180 - - 15,390 16,189 Total Services (including rental tools) 29,613 32,555 8,362 12,505 12,618 10,693 - - 50,593 55,753 Intercompany 4,777 5,631 637 1,020 8,297 5,669 - - 13,711 12,320 Eliminations - - - - - - (13,711 ) (12,320 ) (13,711 ) (12,320 ) Total $ 109,565 $ 116,455 $ 24,286 $ 45,920 $ 41,896 $ 36,389 $ (13,711 ) $ (12,320 ) $ 162,036 $ 186,444 Depreciation and amortization $ 8,555 $ 10,423 $ 1,977 $ 1,926 $ 2,383 $ 2,594 $ 1,844 $ 1,870 $ 14,759 $ 16,813 Income (loss) before income taxes $ (21,551 ) $ 13,177 $ 690 $ (30,670 ) $ 15,538 $ 7,184 $ (41,309 ) $ (38,059 ) $ (46,632 ) $ (48,368 ) During the six months ended June 30, 2021, we recorded $26.0 million of restructuring and other charges. These charges were related to non-cash inventory write downs, severance charges and other charges, primarily consisting of facilities restructuring exit costs and consulting fees. Of these charges, $21.0 million was recorded in the Western Hemisphere, $1.6 million in the Eastern Hemisphere and $3.4 million in DQ Corporate. During the six months ended June 30, 2020, we recorded impairments, restructuring and other charges of $42.0 million. Of these charges, $32.1 million was recorded in the Eastern Hemisphere, $2.8 million in the Western Hemisphere, $6.9 million in DQ Corporate and $0.2 million in Asia-Pacific. June 30, 2021 December 31, 2020 (In thousands) Total long-lived assets: Western Hemisphere $ 342,705 $ 350,577 Eastern Hemisphere 222,582 222,741 Asia-Pacific 64,070 68,600 Eliminations (353,934 ) (353,939 ) Total $ 275,423 $ 287,979 Total assets: Western Hemisphere $ 764,757 $ 769,649 Eastern Hemisphere 796,853 779,147 Asia-Pacific 202,601 186,808 Eliminations (639,502 ) (584,432 ) Total $ 1,124,709 $ 1,151,172 As of June 30, 2021, we wrote down $19.1 million of non-cash inventory write downs in the Western Hemisphere and $0.2 million in the Eastern Hemisphere as we shifted from the manufacturing of our downhole tools products business to a vendor outsourcing model. During 2020, we wrote down $25.5 million related to inventory and long-lived assets balances, with $22.3 million recorded in the Eastern Hemisphere and $3.2 million in the Western Hemisphere. We also recorded a full impairment of our goodwill balance of $7.7 million during the first quarter of 2020, all of which was in the Eastern Hemisphere.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax	11. The effective tax rate for the three and six months ended June 30, 2021 was (30.1)% 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, which had a balance of $3.5 million as of June 30, 2021, and 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, 2021
Commitments And Contingencies Disclosure [Abstract]
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 (approximately $5.9 million at current exchange rates) 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. In the first quarter of 2021, the relevant governmental agencies of the State of Rio de Janeiro authorized an amnesty program with interest discounts and reduced fines. The Company’s Brazilian subsidiary elected to participate in this amnesty program and recorded the settlement amount of approximately $2.1 million as of March 31, 2021. As a result of settling these tax assessments with the relevant governmental agencies pursuant to the amnesty program, the security amounts previously deposited with the court totaling approximately $6 million at current exchange rates are being returned to our Brazilian subsidiary, with approximately $4 million already received during the second quarter of 2021. FMC Technologies Lawsuit On October 5, 2020, FMC Technologies, Inc. (“FMC”) sued the Company alleging misappropriation of trade secrets and sought money damages and injunctive relief in the 127th District Court of Harris County in an action styled FMC Technologies, Inc. v. Richard Murphy and Dril-Quip, Inc. 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 risks have 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, 2021
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 running 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. Leasing revenues The Company earns leasing revenues from the rental of running tools. Revenues from rental of running tools are recognized on a day rate basis over the lease term, which is generally between one to three months. On April 30, 2021, as a result of lower activity stemming from the COVID-19 pandemic, AFGlobal Corporation provided a 90-day written notice of termination of the lease agreement between the Company and AFGlobal in relation to the Company’s forge facility and equipment at its Houston Eldridge campus. Based on the initial 5-year term of the lease agreement, the Company had straight-lined the total anticipated lease revenue for that initial term into equal monthly lease revenue. As a result of the lease termination, the Company has approximately $2.3 million in unbilled revenue that was expensed as of June 30, 2021. Leasing revenue from renting this facility that was not recognized due to the termination of the lease agreement was approximately $0.5 million for the three and six months ended
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.
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 the first half of 2021, the Company incurred additional costs under our existing 2018 global strategic plan to realign manufacturing facilities globally. These charges were primarily related to the restructuring of our downhole tools business where we exited certain underperforming countries and markets and shifted from manufacturing in-house to a vendor sourcing model. During the first half of 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.
Repurchase of Equity Securities	Repurchase of Equity Securities 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. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price, liquidity and other factors. The program does not obligate the Company to acquire any amount of common stock and may be modified or superseded at any time at the Company’s discretion. For the three and six months ended For the six months ended , June 30, 2020
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, 2021 2020 2021 2020 (In thousands) Weighted average common shares outstanding – basic 35,387 35,023 35,386 35,359 Dilutive effect of common stock awards - - - - Weighted average common shares outstanding – diluted 35,387 35,023 35,386 35,359 For the three and six months ended June 30, 2021 and 2020, 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, 2021 2020 2021 2020 (In thousands) Director stock awards 60 45 58 42 Stock options 58 122 58 124 Performance share units 329 279 330 278 Restricted stock awards 479 333 480 333

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 2021 2020 (In thousands) Weighted average common shares outstanding – basic 35,387 35,023 35,386 35,359 Dilutive effect of common stock awards - - - - Weighted average common shares outstanding – diluted 35,387 35,023 35,386 35,359
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three and six months ended June 30, 2021 and 2020, 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, 2021 2020 2021 2020 (In thousands) Director stock awards 60 45 58 42 Stock options 58 122 58 124 Performance share units 329 279 330 278 Restricted stock awards 479 333 480 333

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
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 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Product Revenues $ 37,259 $ 36,797 $ 8,565 $ 14,216 $ 10,036 $ 12,120 $ 55,860 $ 63,133 Service Revenues 10,438 13,164 2,571 3,593 4,527 3,993 17,536 20,750 Total $ 47,697 $ 49,961 $ 11,136 $ 17,809 $ 14,563 $ 16,113 $ 73,396 $ 83,883 Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia- Pacific Total 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Product Revenues $ 75,175 $ 78,269 $ 15,287 $ 32,395 $ 20,981 $ 20,027 $ 111,443 $ 130,691 Service Revenues 20,942 24,120 5,290 7,931 8,971 7,513 35,203 39,564 Total $ 96,117 $ 102,389 $ 20,577 $ 40,326 $ 29,952 $ 27,540 $ 146,646 $ 170,255
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, 2020 $ 135,973 Additions 46,990 Transfers to Trade Receivables, Net (41,930 ) Contract Assets at June 30, 2021 $ 141,033 Contract Liabilities (amounts shown in thousands) Contract Liabilities at December 31, 2020 $ 10,815 Additions 21,618 Revenue Recognized (19,058 ) Contract Liabilities at June 30, 2021 $ 13,375

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: June 30, December 31, 2021 2020 (In thousands) Raw materials and supplies $ 30,346 $ 32,833 Work in progress 43,169 44,924 Finished goods 226,438 216,928 299,953 294,685 Less: allowance for slow moving and excess inventory (97,571 ) (82,149 ) Total inventory $ 202,382 $ 212,536

Impairment, Restructuring and_2

Impairment, Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 30, 2021
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 condensed consolidated statements of income (loss) for the three and six months ended Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Inventory write-down $ - $ - $ 19,251 $ 17,272 Severance - - 2,745 8,399 Long-lived asset write-down - 942 - 7,854 Other 1,000 645 4,024 775 $ 1,000 $ 1,587 $ 26,020 $ 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, 2021 Total Beginning balance at January 1, 2021 $ 1,146 Additions for costs expensed 5,768 Reductions for payments (1,802 ) Other 2 Ending balance at June 30, 2021 $ 5,114

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets	Intangible assets, the majority of which were acquired in the acquisition of TIW and OPT, consist of the following: June 30, 2021 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,262 $ (1,298 ) $ (16 ) $ 6,948 Patents 15 6,060 (3,034 ) (2 ) 3,024 Customer relationships 5 26,095 (8,233 ) 5 17,867 Organizational costs 3 years 185 (47 ) 2 140 $ 40,602 $ (12,612 ) $ (11 ) $ 27,979 December 31, 2020 Estimated Useful Lives Gross Book Value Accumulated Amortization Foreign Currency Translation Net Book Value (In thousands) Trademarks 15 years $ 8,238 $ (1,033 ) $ (5 ) $ 7,200 Patents 15 6,054 (2,715 ) (2 ) 3,337 Customer relationships 5 25,966 (7,304 ) 65 18,727 Organizational costs 3 years 179 (15 ) 6 170 $ 40,437 $ (11,067 ) $ 64 $ 29,434

Geographic Areas (Tables)

Geographic Areas (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting	Three months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Revenues Products Point in Time $ 25,948 $ 14,873 $ 5,956 $ 6,839 $ 6,890 $ 7,293 $ - $ - $ 38,794 $ 29,005 Over Time 11,311 21,924 2,609 7,377 3,146 4,827 - - 17,066 34,128 Total Products 37,259 36,797 8,565 14,216 10,036 12,120 - - 55,860 63,133 Services Technical Advisory 7,781 10,456 2,127 1,937 3,787 2,938 - - 13,695 15,331 Reconditioning 2,657 2,708 444 1,656 740 1,055 - - 3,841 5,419 Total Services (excluding rental tools) 10,438 13,164 2,571 3,593 4,527 3,993 - - 17,536 20,750 Leasing 4,233 3,674 1,944 1,826 1,224 1,063 - - 7,401 6,563 Total Services (including rental tools) 14,671 16,838 4,515 5,419 5,751 5,056 - - 24,937 27,313 Intercompany 2,553 2,317 496 689 6,223 3,413 - 9,272 6,419 Eliminations - - - - - - (9,272 ) (6,419 ) (9,272 ) (6,419 ) Total Revenues $ 54,483 $ 55,952 $ 13,576 $ 20,324 $ 22,010 $ 20,589 $ (9,272 ) $ (6,419 ) $ 80,797 $ 90,446 Depreciation and amortization $ 4,250 $ 4,801 $ 986 $ 952 $ 1,180 $ 1,254 $ 927 $ 933 $ 7,343 $ 7,940 Income (loss) before income taxes $ (2,175 ) $ 5,024 $ 3,553 $ (2,349 ) $ 4,800 $ 5,615 $ (20,838 ) $ (15,351 ) $ (14,660 ) $ (7,061 ) Six months ended June 30, Western Hemisphere Eastern Hemisphere Asia-Pacific DQ Corporate Total 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Revenues Products Point in Time $ 54,235 $ 37,837 $ 10,809 $ 15,801 $ 15,467 $ 12,740 $ - $ - $ 80,511 $ 66,378 Over Time 20,940 40,432 4,478 16,594 5,514 7,287 - - 30,932 64,313 Total Products 75,175 78,269 15,287 32,395 20,981 20,027 - - 111,443 130,691 Services Technical Advisory 16,102 17,852 4,020 5,433 7,974 6,227 - - 28,096 29,512 Reconditioning 4,840 6,268 1,270 2,498 997 1,286 - - 7,107 10,052 Total Services (excluding rental tools) 20,942 24,120 5,290 7,931 8,971 7,513 - - 35,203 39,564 Leasing 8,671 8,435 3,072 4,574 3,647 3,180 - - 15,390 16,189 Total Services (including rental tools) 29,613 32,555 8,362 12,505 12,618 10,693 - - 50,593 55,753 Intercompany 4,777 5,631 637 1,020 8,297 5,669 - - 13,711 12,320 Eliminations - - - - - - (13,711 ) (12,320 ) (13,711 ) (12,320 ) Total $ 109,565 $ 116,455 $ 24,286 $ 45,920 $ 41,896 $ 36,389 $ (13,711 ) $ (12,320 ) $ 162,036 $ 186,444 Depreciation and amortization $ 8,555 $ 10,423 $ 1,977 $ 1,926 $ 2,383 $ 2,594 $ 1,844 $ 1,870 $ 14,759 $ 16,813 Income (loss) before income taxes $ (21,551 ) $ 13,177 $ 690 $ (30,670 ) $ 15,538 $ 7,184 $ (41,309 ) $ (38,059 ) $ (46,632 ) $ (48,368 ) June 30, 2021 December 31, 2020 (In thousands) Total long-lived assets: Western Hemisphere $ 342,705 $ 350,577 Eastern Hemisphere 222,582 222,741 Asia-Pacific 64,070 68,600 Eliminations (353,934 ) (353,939 ) Total $ 275,423 $ 287,979 Total assets: Western Hemisphere $ 764,757 $ 769,649 Eastern Hemisphere 796,853 779,147 Asia-Pacific 202,601 186,808 Eliminations (639,502 ) (584,432 ) Total $ 1,124,709 $ 1,151,172

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2021SegmentLocation
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
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 26, 2019
Accounting Policies [Line Items]
Shares authorized to be purchased (up to) (in shares)						$ 100,000,000
Treasury stock shares (in shares)	0	0	808,389	0	808,389
Average price of shares (in dollars per share)					$ 30.91
Treasury stock, value of acquired shares					$ 25,000,000
Rental Facilities
Accounting Policies [Line Items]
Term of Lease Contract	5 years			5 years
Leasing payment to be received	$ 2,300,000			$ 2,300,000
Unrecognized lease revenue	$ 500,000			$ 500,000

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	35,387	35,023	35,386	35,359
Dilutive effect of common stock awards (in shares)	0	0	0	0
Weighted average common shares outstanding diluted (in shares)	35,387	35,023	35,386	35,359

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	60	45	58	42
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	58	122	58	124
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	329	279	330	278
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	479	333	480	333

Revenue Recognition - Revenues

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 73,396	$ 83,883	$ 146,646	$ 170,255
Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	47,697	49,961	96,117	102,389
Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	11,136	17,809	20,577	40,326
Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	14,563	16,113
Asia Pacific Segment | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues			29,952	27,540
Products
Disaggregation Of Revenue [Line Items]
Revenues	55,860	63,133	111,443	130,691
Products | Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	37,259	36,797	75,175	78,269
Products | Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	8,565	14,216	15,287	32,395
Products | Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	10,036	12,120
Products | Asia Pacific Segment | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues			20,981	20,027
Services
Disaggregation Of Revenue [Line Items]
Revenues	17,536	20,750	35,203	39,564
Services | Western Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	10,438	13,164	20,942	24,120
Services | Eastern Hemisphere | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	2,571	3,593	5,290	7,931
Services | Asia Pacific | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,527	$ 3,993
Services | Asia Pacific Segment | Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues			$ 8,971	$ 7,513

Revenue Recognition - Contract

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Contract Assets
Contract Assets at December 31, 2020	$ 135,973
Additions	46,990
Transfers to Trade Receivables, Net	(41,930)
Contract Assets at June 30, 2021	141,033
Contract Liabilities
Contract Liabilities at December 31, 2020	11,339
Contract Liabilities at June 30, 2021	13,448
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2020	10,815
Additions	21,618
Revenue Recognized	(19,058)
Contract Liabilities at June 30, 2021	$ 13,375

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 145,400	$ 140,318
Performance obligation	57,600
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 83,400	$ 98,200

Revenue Recognition - Narrati_2

Revenue Recognition - Narrative (Details1)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	87.00%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	13.00%
Expected timing of satisfaction period	0 years

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 3.1	$ 3.3	$ 6.3	$ 6.5

Inventories, net - Schedule of

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 30,346	$ 32,833
Work in progress	43,169	44,924
Finished goods	226,438	216,928
Inventory, gross, Total	299,953	294,685
Less: allowance for slow moving and excess inventory	(97,571)	(82,149)
Total inventory	$ 202,382	$ 212,536

Impairment, Restructuring and_3

Impairment, Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Inventory write-down	$ 0	$ 0	$ 19,251	$ 17,272
Severance	0	0	2,745	8,399
Long-lived asset write-down	0	942	0	7,854
Other	1,000	645	4,024	775
Total impairment, restructuring and other charges	$ 1,000	$ 1,587	$ 26,020	$ 34,300

Impairment, Restructuring and_4

Impairment, Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Restructuring And Related Activities [Abstract]
Beginning balance	$ 1,146
Additions for costs expensed	5,768
Reductions for payments	(1,802)
Other	2
Ending balance	$ 5,114

Impairment, Restructuring and_5

Impairment, Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring And Related Activities [Abstract]
Goodwill impairment loss	$ 7.7

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 40,602	$ 40,437
Accumulated Amortization	(12,612)	(11,067)
Finite-Lived, Foreign Currency Translation	(11)	64
Finite-Lived, Net Book Value	$ 27,979	$ 29,434
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,262	$ 8,238
Accumulated Amortization	(1,298)	(1,033)
Finite-Lived, Foreign Currency Translation	(16)	(5)
Finite-Lived, Net Book Value	6,948	7,200
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	6,060	6,054
Accumulated Amortization	(3,034)	(2,715)
Finite-Lived, Foreign Currency Translation	(2)	(2)
Finite-Lived, Net Book Value	$ 3,024	$ 3,337
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	$ 26,095	$ 25,966
Accumulated Amortization	(8,233)	(7,304)
Finite-Lived, Foreign Currency Translation	5	65
Finite-Lived, Net Book Value	$ 17,867	$ 18,727
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
Organizational costs
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Finite-Lived, Gross Book Value	$ 185	$ 179
Accumulated Amortization	(47)	(15)
Finite-Lived, Foreign Currency Translation	2	6
Finite-Lived, Net Book Value	$ 140	$ 170

Asset Backed Loan (ABL) Credi_2

Asset Backed Loan (ABL) Credit Facility (Details)	Feb. 23, 2018USD ($)	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Available borrowing capacity		$ 25,100,000
Letters of credit outstanding		$ 7,400,000
ABL Credit Facility | Revolving Credit Facility
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
ABL Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
ABL Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
ABL Credit Facility | Revolving Credit Facility | CB Floating Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
ABL Credit Facility | Revolving Credit Facility | CB Floating Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
ABL Credit Facility | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
ABL Credit Facility | Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%

Geographic Areas - Additional I

Geographic Areas - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)SegmentLocation	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Concentration Risk [Line Items]
Number of geographic segments | Segment				3
Number of headquarter locations | Location				3
Restructuring and other charges	$ 1,000	$ 1,587		$ 26,020	$ 34,300
Impairment, restructuring and other charges					42,000
Non-cash inventory write down	0	0		19,251	17,272
Impairment of inventory and long-lived assets						$ 25,500
Goodwill impairment loss			$ 7,700
Corporate, Non-Segment
Concentration Risk [Line Items]
Restructuring and other charges	$ 1,000			3,400
Impairment, restructuring and other charges					6,900
Corporate, Non-Segment | Consulting Fees
Concentration Risk [Line Items]
Restructuring and other charges		700
Western Hemisphere
Concentration Risk [Line Items]
Restructuring and other charges				21,000
Write-down of long-lived assets		$ 900
Impairment, restructuring and other charges					2,800
Non-cash inventory write down				19,100
Impairment of inventory and long-lived assets						3,200
Eastern Hemisphere
Concentration Risk [Line Items]
Restructuring and other charges				1,600
Impairment, restructuring and other charges					32,100
Non-cash inventory write down				$ 200
Impairment of inventory and long-lived assets						$ 22,300
Goodwill impairment loss			$ 7,700
Asia-Pacific
Concentration Risk [Line Items]
Impairment, restructuring and other charges					$ 200

Geographic Areas - Schedule of

Geographic Areas - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 80,797	$ 90,446	$ 162,036	$ 186,444
Depreciation and amortization	7,343	7,940	14,759	16,813
Income (loss) before income taxes	(14,660)	(7,061)	(46,632)	(48,368)
Total long-lived assets	275,423		275,423		$ 287,979
Total assets	1,124,709		1,124,709		1,151,172
Intercompany
Segment Reporting Information [Line Items]
Revenues	9,272	6,419	13,711	12,320
Eliminations
Segment Reporting Information [Line Items]
Revenues	(9,272)	(6,419)	(13,711)	(12,320)
Total long-lived assets	(353,934)		(353,934)		(353,939)
Total assets	(639,502)		(639,502)		(584,432)
Western Hemisphere
Segment Reporting Information [Line Items]
Revenues	54,483	55,952	109,565	116,455
Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	4,250	4,801	8,555	10,423
Income (loss) before income taxes	(2,175)	5,024	(21,551)	13,177
Total long-lived assets	342,705		342,705		350,577
Total assets	764,757		764,757		769,649
Western Hemisphere | Intercompany
Segment Reporting Information [Line Items]
Revenues	2,553	2,317	4,777	5,631
Eastern Hemisphere
Segment Reporting Information [Line Items]
Revenues	13,576	20,324	24,286	45,920
Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	986	952	1,977	1,926
Income (loss) before income taxes	3,553	(2,349)	690	(30,670)
Total long-lived assets	222,582		222,582		222,741
Total assets	796,853		796,853		779,147
Eastern Hemisphere | Intercompany
Segment Reporting Information [Line Items]
Revenues	496	689	637	1,020
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	22,010	20,589	41,896	36,389
Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	1,180	1,254	2,383	2,594
Income (loss) before income taxes	4,800	5,615	15,538	7,184
Total long-lived assets	64,070		64,070		68,600
Total assets	202,601		202,601		$ 186,808
Asia Pacific | Intercompany
Segment Reporting Information [Line Items]
Revenues	6,223	3,413	8,297	5,669
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues	(9,272)	(6,419)	(13,711)	(12,320)
Depreciation and amortization	927	933	1,844	1,870
Income (loss) before income taxes	(20,838)	(15,351)	(41,309)	(38,059)
Corporate, Non-Segment | Eliminations
Segment Reporting Information [Line Items]
Revenues	(9,272)	(6,419)	(13,711)	(12,320)
Products | Operating Segments
Segment Reporting Information [Line Items]
Revenues	55,860	63,133	111,443	130,691
Products | Operating Segments | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	38,794	29,005	80,511	66,378
Products | Operating Segments | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	17,066	34,128	30,932	64,313
Products | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	37,259	36,797	75,175	78,269
Products | Western Hemisphere | Operating Segments | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	25,948	14,873	54,235	37,837
Products | Western Hemisphere | Operating Segments | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	11,311	21,924	20,940	40,432
Products | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,565	14,216	15,287	32,395
Products | Eastern Hemisphere | Operating Segments | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	5,956	6,839	10,809	15,801
Products | Eastern Hemisphere | Operating Segments | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	2,609	7,377	4,478	16,594
Products | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,036	12,120	20,981	20,027
Products | Asia Pacific | Operating Segments | Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	6,890	7,293	15,467	12,740
Products | Asia Pacific | Operating Segments | Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	3,146	4,827	5,514	7,287
Technical Advisory | Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,695	15,331	28,096	29,512
Technical Advisory | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,781	10,456	16,102	17,852
Technical Advisory | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,127	1,937	4,020	5,433
Technical Advisory | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,787	2,938	7,974	6,227
Reconditioning | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,841	5,419	7,107	10,052
Reconditioning | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,657	2,708	4,840	6,268
Reconditioning | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	444	1,656	1,270	2,498
Reconditioning | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	740	1,055	997	1,286
Total Services (excluding rental tools) | Operating Segments
Segment Reporting Information [Line Items]
Revenues	17,536	20,750	35,203	39,564
Total Services (excluding rental tools) | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,438	13,164	20,942	24,120
Total Services (excluding rental tools) | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,571	3,593	5,290	7,931
Total Services (excluding rental tools) | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,527	3,993	8,971	7,513
Leasing | Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,401	6,563	15,390	16,189
Leasing | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,233	3,674	8,671	8,435
Leasing | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,944	1,826	3,072	4,574
Leasing | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,224	1,063	3,647	3,180
Total Services (including rental tools) | Operating Segments
Segment Reporting Information [Line Items]
Revenues	24,937	27,313	50,593	55,753
Total Services (including rental tools) | Western Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	14,671	16,838	29,613	32,555
Total Services (including rental tools) | Eastern Hemisphere | Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,515	5,419	8,362	12,505
Total Services (including rental tools) | Asia Pacific | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 5,751	$ 5,056	$ 12,618	$ 10,693

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate, percent	(30.10%)	(100.30%)	(14.60%)	30.00%
Deferred foreign tax liability	$ 3.5		$ 3.5

Commitments and Contingencies (

Commitments and Contingencies (Details) - Brazil $ in Millions	2 Months Ended	3 Months Ended
	Jan. 31, 2011USD ($)assessment	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Commitments And Contingencies [Line Items]
Number of tax assessments | assessment	2
Value of assessments served on Brazilian subsidiary	$ 13
Court deposit		$ 6	$ 4	$ 5.9	$ 8.8
Subsidiary to settle and pay off taxes		$ 2.1