Oil States International (OIS) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-16337
Entity Registrant Name	OIL STATES INTERNATIONAL, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0476605
Entity Address, Address Line One	Three Allen Center, 333 Clay Street
Entity Address, Address Line Two	Suite 4620
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	652-0582
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	OIS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		63,902,866
Entity Central Index Key	0001121484
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenues	$ 183,529	$ 181,834	$ 379,728	$ 345,878
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	142,030	142,156	292,765	268,760
Selling, general and administrative expense	23,528	23,757	47,544	47,590
Depreciation and amortization expense	15,537	17,239	30,793	35,056
Other operating income, net	(835)	(228)	(518)	(102)
Costs and expenses	180,260	182,924	370,584	351,304
Operating income (loss)	3,269	(1,090)	9,144	(5,426)
Interest expense, net	(2,059)	(2,638)	(4,450)	(5,310)
Other income, net	210	376	486	1,401
Income (loss) before income taxes	1,420	(3,352)	5,180	(9,335)
Income tax provision	(862)	(1,792)	(2,464)	(5,233)
Net income (loss)	$ 558	$ (5,144)	$ 2,716	$ (14,568)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.01	$ (0.08)	$ 0.04	$ (0.24)
Diluted (in dollars per share)	$ 0.01	$ (0.08)	$ 0.04	$ (0.24)
Weighted average number of common shares outstanding:
Basic (in shares)	62,803	60,704	62,814	60,601
Diluted (in shares)	63,174	60,704	63,161	60,601
Products
Revenues:
Revenues	$ 92,630	$ 99,033	$ 192,470	$ 184,794
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	72,659	79,388	151,336	144,189
Services
Revenues:
Revenues	90,899	82,801	187,258	161,084
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization expense presented below)	$ 69,371	$ 62,768	$ 141,429	$ 124,571

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 558	$ (5,144)	$ 2,716	$ (14,568)
Other comprehensive income (loss):
Currency translation adjustments	3,270	(12,680)	7,419	(11,819)
Comprehensive income (loss)	$ 3,828	$ (17,824)	$ 10,135	$ (26,387)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 42,420	$ 42,018
Accounts receivable, net	180,917	218,769
Inventories, net	205,132	182,658
Prepaid expenses and other current assets	28,217	19,317
Total current assets	456,686	462,762
Property, plant, and equipment, net	296,015	303,835
Operating lease assets, net	23,266	23,028
Goodwill, net	79,778	79,282
Other intangible assets, net	161,476	169,798
Other noncurrent assets	27,799	25,687
Total assets	1,045,020	1,064,392
Current liabilities:
Current portion of long-term debt	513	17,831
Accounts payable	56,726	73,251
Accrued liabilities	42,987	49,057
Current operating lease liabilities	6,750	6,142
Income taxes payable	2,740	2,605
Deferred revenue	53,027	44,790
Total current liabilities	162,743	193,676
Long-term debt	135,273	135,066
Long-term operating lease liabilities	20,027	20,658
Deferred income taxes	8,601	6,652
Other noncurrent liabilities	20,271	18,782
Total liabilities	346,915	374,834
Stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 77,231,725 shares and 76,587,920 shares issued, respectively	772	766
Additional paid-in capital	1,125,647	1,122,292
Retained earnings	274,743	272,027
Accumulated other comprehensive loss	(71,522)	(78,941)
Treasury stock, at cost, 13,328,859 and 12,684,101 shares, respectively	(631,535)	(626,586)
Total stockholders' equity	698,105	689,558
Total liabilities and stockholders' equity	$ 1,045,020	$ 1,064,392

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	77,231,725	76,587,920
Treasury stock, shares (in shares)	13,328,859	12,684,101

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 695,826	$ 739	$ 1,105,135	$ 281,567	$ (66,031)	$ (625,584)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(14,568)			(14,568)
Currency translation adjustments (excluding intercompany advances)	(13,208)				(13,208)
Currency translation adjustments on intercompany advances	1,389				1,389
Stock-based compensation expense	3,504	8	3,496
Surrender of stock to settle taxes on stock awards	(1,002)					(1,002)
Ending balance at Jun. 30, 2022	671,941	747	1,108,631	266,999	(77,850)	(626,586)
Beginning balance at Mar. 31, 2022	688,108	746	1,106,963	272,143	(65,170)	(626,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,144)			(5,144)
Currency translation adjustments (excluding intercompany advances)	(9,628)				(9,628)
Currency translation adjustments on intercompany advances	(3,052)				(3,052)
Stock-based compensation expense	1,669	1	1,668
Surrender of stock to settle taxes on stock awards	(12)					(12)
Ending balance at Jun. 30, 2022	671,941	747	1,108,631	266,999	(77,850)	(626,586)
Beginning balance at Dec. 31, 2022	689,558	766	1,122,292	272,027	(78,941)	(626,586)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,716			2,716
Currency translation adjustments (excluding intercompany advances)	6,203				6,203
Currency translation adjustments on intercompany advances	1,216				1,216
Stock-based compensation expense	3,361	6	3,355
Stock repurchases	(3,001)					(3,001)
Surrender of stock to settle taxes on stock awards	(1,948)					(1,948)
Ending balance at Jun. 30, 2023	698,105	772	1,125,647	274,743	(71,522)	(631,535)
Beginning balance at Mar. 31, 2023	695,518	771	1,123,876	274,185	(74,792)	(628,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	558			558
Currency translation adjustments (excluding intercompany advances)	2,709				2,709
Currency translation adjustments on intercompany advances	561				561
Stock-based compensation expense	1,772	1	1,771
Stock repurchases	(3,001)					(3,001)
Surrender of stock to settle taxes on stock awards	(12)					(12)
Ending balance at Jun. 30, 2023	$ 698,105	$ 772	$ 1,125,647	$ 274,743	$ (71,522)	$ (631,535)

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 2,716	$ (14,568)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	30,793	35,056
Stock-based compensation expense	3,361	3,504
Amortization of deferred financing costs	892	944
Deferred income tax provision	997	2,584
Gains on disposals of assets	(561)	(1,185)
Settlement of disputes with seller of GEODynamics, Inc.	0	620
Other, net	(267)	360
Changes in operating assets and liabilities, net of effect from acquired business:
Accounts receivable	39,042	(20,469)
Inventories	(21,197)	(14,664)
Accounts payable and accrued liabilities	(25,924)	(5,994)
Deferred revenue	8,237	4,647
Other operating assets and liabilities, net	653	(870)
Net cash flows provided by (used in) operating activities	38,742	(10,035)
Cash flows from investing activities:
Capital expenditures	(17,338)	(6,453)
Proceeds from disposition of property and equipment	690	1,652
Acquisition of business, net of cash acquired	0	(8,125)
Other, net	(66)	(85)
Net cash flows used in investing activities	(16,714)	(13,011)
Cash flows from financing activities:
Revolving credit facility borrowings	35,592	9,725
Revolving credit facility repayments	(35,592)	(9,725)
Repayment of 1.50% convertible senior notes	(17,315)	(6,272)
Other debt and finance lease repayments	(226)	(359)
Payment of financing costs	(95)	(74)
Purchases of treasury stock	(3,001)	0
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards	(1,948)	(1,002)
Net cash flows used in financing activities	(22,585)	(7,707)
Effect of exchange rate changes on cash and cash equivalents	959	147
Net change in cash and cash equivalents	402	(30,606)
Cash and cash equivalents, beginning of period	42,018	52,852
Cash and cash equivalents, end of period	42,420	22,246
Cash paid (received) for:
Interest	4,060	4,105
Income taxes, net	$ (1,475)	$ 291

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows (Parenthetical)	Jun. 30, 2023	Feb. 15, 2023
1.5% Convertible Unsecured Senior Notes
Stated interest rate (as a percent)	1.50%	1.50%

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. Certain information in footnote disclosures normally included with financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include, but are not limited to, goodwill and long-lived asset impairments, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, reserves on inventory, allowances for doubtful accounts, settlement of litigation and potential future adjustments related to contractual indemnification and other agreements. Actual results could materially differ from those estimates. The Company revised its presentation of supplemental disclosure of disaggregated revenue information in Note 9, "Segments and Related Information," in the second quarter of 2023. Prior-period disclosures of disaggregated revenue information were conformed with the current-period presentation. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which are adopted by the Company as of the specified effective date. Management believes that recently issued standards, which are not yet effective, will not have a material impact on the Company's consolidated financial statements upon adoption. The financial statements included in this report should be read in conjunction with the Company's audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2022.

Details of Selected Balance She

Details of Selected Balance Sheet Accounts	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Selected Balance Sheet Accounts	Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of June 30, 2023 and December 31, 2022 is presented below (in thousands): June 30, December 31, Accounts receivable, net: Trade $ 131,726 $ 145,540 Unbilled revenue 26,796 29,679 Contract assets 23,714 42,599 Other 3,754 6,177 Total accounts receivable 185,990 223,995 Allowance for doubtful accounts (5,073) (5,226) $ 180,917 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 3 % 2 % June 30, December 31, Deferred revenue (contract liabilities) $ 53,027 $ 44,790 As of June 30, 2023, accounts receivable, net in the United States and the United Kingdom represented 73% and 10%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company's total accounts receivable as of June 30, 2023. For the six months ended June 30, 2023, the $18.9 million net decrease in contract assets was attributable to $37.3 million transferred to accounts receivable during the period, which was partially offset by $18.4 million in revenue recognized. Deferred revenue (contract liabilities) increased by $8.2 million in the first six months of 2023, reflecting $20.6 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $12.4 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Allowance for doubtful accounts – January 1 $ 5,226 $ 4,471 Provisions 14 1,044 Write-offs (204) (629) Other 37 280 Allowance for doubtful accounts – June 30 $ 5,073 $ 5,166 June 30, December 31, Inventories, net: Finished goods and purchased products $ 103,641 $ 90,443 Work in process 33,431 32,079 Raw materials 107,781 97,817 Total inventories 244,853 220,339 Allowance for excess or obsolete inventory (39,721) (37,681) $ 205,132 $ 182,658 June 30, December 31, Property, plant and equipment, net: Property, plant and equipment $ 1,054,155 $ 1,128,834 Accumulated depreciation (758,140) (824,999) $ 296,015 $ 303,835 During the second quarter of 2023, a facility held for sale by the Offshore/Manufactured Products segment was reclassified from property, plant and equipment to prepaid and other current assets. The estimated fair value of the facility exceeded its net carrying value of $6.9 million and, thus no impairment charge was recognized. For the three months ended June 30, 2023 and 2022, depreciation expense was $11.2 million and $12.0 million, respectively. Depreciation expense was $22.2 million and $24.6 million, respectively, for the six months ended June 30, 2023 and 2022. June 30, 2023 December 31, 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,313 $ 52,069 $ 89,244 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 69,977 31,863 38,114 69,830 29,214 40,616 Tradenames and other 52,502 18,384 34,118 52,488 16,856 35,632 $ 263,792 $ 102,316 $ 161,476 $ 263,497 $ 93,699 $ 169,798 For the three months ended June 30, 2023 and 2022, amortization expense was $4.3 million and $5.3 million, respectively. Amortization expense was $8.6 million and $10.4 million for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, Other noncurrent assets: Deferred compensation plan $ 19,231 $ 17,551 Deferred financing costs 1,543 1,893 Deferred income taxes 2,351 1,517 Other 4,674 4,726 $ 27,799 $ 25,687 June 30, December 31, Accrued liabilities: Accrued compensation $ 21,742 $ 33,659 Accrued taxes, other than income taxes 3,762 1,865 Insurance liabilities 4,150 4,640 Accrued interest 1,685 1,784 Accrued commissions 2,475 2,302 Other 9,173 4,807 $ 42,987 $ 49,057

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 132,597 132,164 2023 Notes — 17,303 Other debt and finance lease obligations 3,189 3,430 Total debt 135,786 152,897 Less: Current portion (513) (17,831) Total long-term debt $ 135,273 $ 135,066 ____________________ (1) Unamortized deferred financing costs of $1.5 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of June 30, 2023 and December 31, 2022. Revolving Credit Facility On February 10, 2021, the Company entered into a senior secured credit facility with certain lenders, which provides for a $125.0 million asset-based revolving credit facility (the "ABL Facility") under which credit availability is subject to a borrowing base calculation. The ABL Facility is governed by a credit agreement, as amended, with Wells Fargo Bank, National Association, as administrative agent and the lenders and other financial institutions from time to time party thereto (the "ABL Agreement"). The ABL Agreement matures on February 10, 2025 with a springing maturity 91 days prior to the maturity of any outstanding indebtedness with a principal amount in excess of $17.5 million. The ABL Agreement provides funding based on a borrowing base calculation that includes eligible U.S. customer accounts receivable and inventory and provides for a $50.0 million sub-limit for the issuance of letters of credit. Borrowings under the ABL Agreement are secured by a pledge of substantially all of the Company's domestic assets (other than real property) and the stock of certain foreign subsidiaries. Since December 13, 2022, borrowings under the ABL Agreement bear interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") rate (subject to a floor rate of 0%) plus a margin of 2.75% to 3.25%, or at a base rate plus a margin of 1.75% to 2.25%, in each case based on average borrowing availability. Quarterly, the Company must also pay a commitment fee of 0.375% to 0.50% per annum, based on unused commitments under the ABL Agreement. The ABL Agreement places restrictions on the Company's ability to incur additional indebtedness, grant liens on assets, pay dividends or make distributions on equity interests, dispose of assets, make investments, repay other indebtedness (including the 2026 Notes discussed below), engage in mergers, and other matters, in each case, subject to certain exceptions. The ABL Agreement contains customary default provisions, which, if triggered, could result in acceleration of repayment of all amounts then outstanding. The ABL Agreement also requires the Company to satisfy and maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 (i) in the event that availability under the ABL Agreement is less than the greater of (a) 15% of the borrowing base and (b) $14.1 million; (ii) to complete certain specified transactions; or (iii) if an event of default has occurred and is continuing. As of June 30, 2023, the Company had no borrowings outstanding under the ABL Facility and $15.1 million of outstanding letters of credit. The total amount available to be drawn as of June 30, 2023 was $90.9 million, calculated based on the current borrowing base less outstanding borrowings and letters of credit. As of June 30, 2023, the Company was in compliance with its debt covenants under the ABL Agreement. 2026 Notes The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated as of March 19, 2021 (the "2026 Indenture"), between the Company and Computershare Trust Company, National Association, as successor trustee. The 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company's common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company's intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company's common stock. As of June 30, 2023, none of the conditions allowing holders of the 2026 Notes to convert, or requiring us to repurchase the 2026 Notes, had been met. 2023 Notes On February 15, 2023, the Company's 1.50% convertible senior notes due 2023 (the "2023 Notes") matured and the outstanding $17.3 million principal amount was repaid in full.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsThe Company's financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the 2026 Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2026 Notes as of June 30, 2023 was $143.9 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common and Preferred Stock The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first six months of 2023 (in thousands): Shares of common stock outstanding – December 31, 2022 63,904 Restricted stock awards, net of forfeitures 644 Shares withheld for taxes on vesting of stock awards (206) Purchases of treasury stock (439) Shares of common stock outstanding – June 30, 2023 63,903 As of June 30, 2023 and December 31, 2022, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. On February 16, 2023, the Company's Board of Directors authorized $25.0 million for the repurchase of the Company's common stock, par value $0.01 per share, through February 2025. During the second quarter of 2023, the Company repurchased 438,563 shares of common stock under the program at a total cost of $3.0 million. The amount remaining under the Company's share repurchase authorization as of June 30, 2023 was $22.0 million. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, reported as a component of stockholders' equity, primarily relates to fluctuations in currency exchange rates against the U.S. dollar as used to translate certain of the international operations of the Company's operating segments. Accumulated other comprehensive loss decreased from $78.9 million at December 31, 2022 to $71.5 million at June 30, 2023. For the three and six months ended June 30, 2023 and 2022, currency translation adjustments recognized as a component of other comprehensive income (loss) were primarily attributable to the United Kingdom and Brazil. During the six months ended June 30, 2023, the exchange rates for the British pound and the Brazilian real strengthened by 5% and 8%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $7.4 million. During the six months ended June 30, 2022, the exchange rate for the British pound weakened by 10% compared to the U.S. dollar while the Brazilian real strengthened by 7% compared to the U.S. dollar, contributing to other comprehensive loss of $11.8 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense for the three and six months ended June 30, 2023 was calculated using a discrete approach. This methodology was used because changes in the Company's results of operations and non-deductible expenses can materially impact the estimated annual effective tax rate. For the three months ended June 30, 2023, the Company's income tax expense was $0.9 million on pre-tax income of $1.4 million, which included certain non-deductible expenses, discrete tax items and a favorable change in valuation allowances recorded against deferred tax assets. This compares to an income tax expense of $1.8 million on a pre-tax loss of $3.4 million, which included the impact of changes in valuation allowances recorded against tax assets as well as certain non-deductible expenses and discrete tax items, for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company's income tax expense was $2.5 million on pre-tax income of $5.2 million, which included certain non-deductible expenses, discrete tax items and a favorable change in valuation allowances recorded against deferred tax assets. This compares to an income tax expense of $5.2 million on a pre-tax loss of $9.3 million, which included the impact of valuation allowances recorded against tax assets as well as certain non-deductible expenses and discrete tax items, for the six months ended June 30, 2022.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerators: Net income (loss) $ 558 $ (5,144) $ 2,716 $ (14,568) Less: Income attributable to unvested restricted stock awards (11) — (53) — Numerator for basic net income (loss) per share 547 (5,144) 2,663 (14,568) Effect of dilutive securities: Unvested restricted stock awards — — — — Numerator for diluted net income (loss) per share $ 547 $ (5,144) $ 2,663 $ (14,568) Denominators: Weighted average number of common shares outstanding 64,061 61,948 64,064 61,788 Less: Weighted average number of unvested restricted stock awards outstanding (1,258) (1,244) (1,250) (1,187) Denominator for basic net income (loss) per share 62,803 60,704 62,814 60,601 Effect of dilutive securities: Unvested restricted stock awards — — — — Unvested performance share units 371 — 347 — Denominator for diluted net income (loss) per share 63,174 60,704 63,161 60,601 Net income (loss) per share: Basic $ 0.01 $ (0.08) $ 0.04 $ (0.24) Diluted 0.01 (0.08) 0.04 (0.24) The calculation of diluted net income per share for the three and six months ended June 30, 2023 excluded 163 thousand shares and 186 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. The calculation of diluted net loss per share for the three and six months ended June 30, 2022 excluded 264 thousand shares and 306 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of the 2026 Notes were excluded due to, among other factors, the Company's share price.

Long-Term Incentive Compensatio

Long-Term Incentive Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Long-Term Incentive Compensation	Long-Term Incentive Compensation The following table presents a summary of activity for stock options, service-based restricted stock and stock unit awards, and performance-based stock unit awards for the six months ended June 30, 2023 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2022 245 1,222 494 Granted — 644 211 Vested and distributed — (617) — Forfeited (84) — — Outstanding – June 30, 2023 161 1,249 705 Weighted average grant date fair value (2023 awards) $ 8.81 $ 8.66 The restricted stock program consists of a combination of service-based restricted stock and stock units, as well as performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over a term of three years. Service-based stock unit awards vest over one-year, with the underlying shares issued at a specified future date. Eighty-two thousand service-based stock units were outstanding as of June 30, 2023. Performance-based stock unit awards generally vest at the end of a three-year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance objectives based on the Company's cumulative EBITDA over a three-year period. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. The Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million in the first quarters of 2023 and 2022. The performance measure for each of these Cash Awards is relative total stockholder return compared to a peer group of companies over a three-year period. The ultimate dollar amount to be awarded for each annual grant may range from zero to a maximum of $3.1 million, limited to their targeted award value ($1.5 million) if the Company's total stockholder return were to be negative over the performance period. Obligations related to the Cash Awards are classified as liabilities and recognized over their respective vesting periods. Stock-based compensation expense recognized during the three and six months ended June 30, 2023 totaled $1.8 million and $3.4 million, respectively. Stock-based compensation expense recognized during the three and six months ended June 30, 2022 totaled $1.7 million and $3.5 million, respectively. As of June 30, 2023, there was $10.6 million of total compensation costs related to unvested restricted stock awards, which is expected to be recognized in future periods as vesting conditions are satisfied.

Segments and Related Informatio

Segments and Related Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments and Related Information	Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three and six months ended June 30, 2023 and 2022 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2023 Offshore/Manufactured Products $ 94,086 $ 4,647 $ 11,253 $ 4,662 $ 538,490 Well Site Services 64,536 6,564 4,732 5,672 204,437 Downhole Technologies 24,907 4,175 (2,536) 171 249,540 Corporate — 151 (10,180) 265 52,553 Total $ 183,529 $ 15,537 $ 3,269 $ 10,770 $ 1,045,020 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2022 Offshore/Manufactured Products $ 96,467 $ 5,249 $ 9,441 $ 571 $ 552,091 Well Site Services 54,819 7,395 601 2,918 195,444 Downhole Technologies 30,548 4,423 (1,485) 67 257,174 Corporate — 172 (9,647) 39 47,594 Total $ 181,834 $ 17,239 $ (1,090) $ 3,595 $ 1,052,303 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2023 Offshore/Manufactured Products $ 192,285 $ 9,315 $ 22,343 $ 5,197 $ 538,490 Well Site Services 131,594 12,710 11,698 11,444 204,437 Downhole Technologies 55,849 8,450 (4,055) 420 249,540 Corporate — 318 (20,842) 277 52,553 Total $ 379,728 $ 30,793 $ 9,144 $ 17,338 $ 1,045,020 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2022 Offshore/Manufactured Products $ 180,579 $ 10,579 $ 19,637 $ 1,473 $ 552,091 Well Site Services 102,991 15,327 (2,794) 4,466 195,444 Downhole Technologies 62,308 8,807 (2,990) 384 257,174 Corporate — 343 (19,279) 130 47,594 Total $ 345,878 $ 35,056 $ (5,426) $ 6,453 $ 1,052,303 The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2023 and 2022 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Three Months Ended June 30 Project-driven: Products $ 32,210 $ 41,098 $ — $ — $ — $ — $ 32,210 $ 41,098 Services 24,846 23,995 — — — — 24,846 23,995 Total project-driven 57,056 65,093 — — — — 57,056 65,093 Military and other products 7,965 7,763 — — — — 7,965 7,763 Short-cycle: Products 29,065 23,611 — — 23,390 26,561 52,455 50,172 Services — — 64,536 54,819 1,517 3,987 66,053 58,806 Total short-cycle 29,065 23,611 64,536 54,819 24,907 30,548 118,508 108,978 $ 94,086 $ 96,467 $ 64,536 $ 54,819 $ 24,907 $ 30,548 $ 183,529 $ 181,834 Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Six Months Ended June 30 Project-driven: Products $ 71,342 $ 74,942 $ — $ — $ — $ — $ 71,342 $ 74,942 Services 49,476 48,293 — — — — 49,476 48,293 Total project-driven 120,818 123,235 — — — — 120,818 123,235 Military and other products 14,962 13,109 — — — — 14,962 13,109 Short-cycle: Products 56,505 44,235 — — 49,661 52,508 106,166 96,743 Services — — 131,594 102,991 6,188 9,800 137,782 112,791 Total short-cycle 56,505 44,235 131,594 102,991 55,849 62,308 243,948 209,534 $ 192,285 $ 180,579 $ 131,594 $ 102,991 $ 55,849 $ 62,308 $ 379,728 $ 345,878 Revenues from products and services transferred to customers over time accounted for approximately 66% and 64% of consolidated revenues for the six months ended June 30, 2023 and 2022, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of June 30, 2023, the Company had $210.7 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 33% of this remaining backlog is expected to be recognized as revenue over the remaining six months of 2023, with an additional 47% recognized in 2024 and the balance thereafter.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of the Company's products or operations. Some of these claims relate to matters occurring prior to the acquisition of businesses, and some relate to businesses the Company has sold. In certain cases, the Company is entitled to indemnification from the sellers of businesses and, in other cases, the Company has indemnified the buyers of businesses. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 558	$ (5,144)	$ 2,716	$ (14,568)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Details of Selected Balance S_2

Details of Selected Balance Sheet Accounts (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Additional information regarding selected balance sheet accounts as of June 30, 2023 and December 31, 2022 is presented below (in thousands): June 30, December 31, Accounts receivable, net: Trade $ 131,726 $ 145,540 Unbilled revenue 26,796 29,679 Contract assets 23,714 42,599 Other 3,754 6,177 Total accounts receivable 185,990 223,995 Allowance for doubtful accounts (5,073) (5,226) $ 180,917 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 3 % 2 %
Schedule of Contract with Customer, Asset and Liability	June 30, December 31, Deferred revenue (contract liabilities) $ 53,027 $ 44,790
Schedule of Activity in Allowance for Doubtful Accounts	The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2023 and 2022 (in thousands): Six Months Ended June 30, 2023 2022 Allowance for doubtful accounts – January 1 $ 5,226 $ 4,471 Provisions 14 1,044 Write-offs (204) (629) Other 37 280 Allowance for doubtful accounts – June 30 $ 5,073 $ 5,166
Schedule of Inventory, Net	June 30, December 31, Inventories, net: Finished goods and purchased products $ 103,641 $ 90,443 Work in process 33,431 32,079 Raw materials 107,781 97,817 Total inventories 244,853 220,339 Allowance for excess or obsolete inventory (39,721) (37,681) $ 205,132 $ 182,658
Schedule of Property, Plant and Equipment, Net	June 30, December 31, Property, plant and equipment, net: Property, plant and equipment $ 1,054,155 $ 1,128,834 Accumulated depreciation (758,140) (824,999) $ 296,015 $ 303,835
Schedule of Finite-Lived Intangible Assets	June 30, 2023 December 31, 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,313 $ 52,069 $ 89,244 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 69,977 31,863 38,114 69,830 29,214 40,616 Tradenames and other 52,502 18,384 34,118 52,488 16,856 35,632 $ 263,792 $ 102,316 $ 161,476 $ 263,497 $ 93,699 $ 169,798
Schedule of Other Noncurrent Assets	For the three months ended June 30, 2023 and 2022, amortization expense was $4.3 million and $5.3 million, respectively. Amortization expense was $8.6 million and $10.4 million for the six months ended June 30, 2023 and 2022, respectively. June 30, December 31, Other noncurrent assets: Deferred compensation plan $ 19,231 $ 17,551 Deferred financing costs 1,543 1,893 Deferred income taxes 2,351 1,517 Other 4,674 4,726 $ 27,799 $ 25,687
Schedule of Accrued Liabilities	June 30, December 31, Accrued liabilities: Accrued compensation $ 21,742 $ 33,659 Accrued taxes, other than income taxes 3,762 1,865 Insurance liabilities 4,150 4,640 Accrued interest 1,685 1,784 Accrued commissions 2,475 2,302 Other 9,173 4,807 $ 42,987 $ 49,057

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	As of June 30, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 132,597 132,164 2023 Notes — 17,303 Other debt and finance lease obligations 3,189 3,430 Total debt 135,786 152,897 Less: Current portion (513) (17,831) Total long-term debt $ 135,273 $ 135,066 ____________________ (1) Unamortized deferred financing costs of $1.5 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of June 30, 2023 and December 31, 2022.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first six months of 2023 (in thousands): Shares of common stock outstanding – December 31, 2022 63,904 Restricted stock awards, net of forfeitures 644 Shares withheld for taxes on vesting of stock awards (206) Purchases of treasury stock (439) Shares of common stock outstanding – June 30, 2023 63,903

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerators: Net income (loss) $ 558 $ (5,144) $ 2,716 $ (14,568) Less: Income attributable to unvested restricted stock awards (11) — (53) — Numerator for basic net income (loss) per share 547 (5,144) 2,663 (14,568) Effect of dilutive securities: Unvested restricted stock awards — — — — Numerator for diluted net income (loss) per share $ 547 $ (5,144) $ 2,663 $ (14,568) Denominators: Weighted average number of common shares outstanding 64,061 61,948 64,064 61,788 Less: Weighted average number of unvested restricted stock awards outstanding (1,258) (1,244) (1,250) (1,187) Denominator for basic net income (loss) per share 62,803 60,704 62,814 60,601 Effect of dilutive securities: Unvested restricted stock awards — — — — Unvested performance share units 371 — 347 — Denominator for diluted net income (loss) per share 63,174 60,704 63,161 60,601 Net income (loss) per share: Basic $ 0.01 $ (0.08) $ 0.04 $ (0.24) Diluted 0.01 (0.08) 0.04 (0.24)

Long-Term Incentive Compensat_2

Long-Term Incentive Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table presents a summary of activity for stock options, service-based restricted stock and stock unit awards, and performance-based stock unit awards for the six months ended June 30, 2023 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2022 245 1,222 494 Granted — 644 211 Vested and distributed — (617) — Forfeited (84) — — Outstanding – June 30, 2023 161 1,249 705 Weighted average grant date fair value (2023 awards) $ 8.81 $ 8.66

Segments and Related Informat_2

Segments and Related Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information by operating segment for the three and six months ended June 30, 2023 and 2022 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2023 Offshore/Manufactured Products $ 94,086 $ 4,647 $ 11,253 $ 4,662 $ 538,490 Well Site Services 64,536 6,564 4,732 5,672 204,437 Downhole Technologies 24,907 4,175 (2,536) 171 249,540 Corporate — 151 (10,180) 265 52,553 Total $ 183,529 $ 15,537 $ 3,269 $ 10,770 $ 1,045,020 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended June 30, 2022 Offshore/Manufactured Products $ 96,467 $ 5,249 $ 9,441 $ 571 $ 552,091 Well Site Services 54,819 7,395 601 2,918 195,444 Downhole Technologies 30,548 4,423 (1,485) 67 257,174 Corporate — 172 (9,647) 39 47,594 Total $ 181,834 $ 17,239 $ (1,090) $ 3,595 $ 1,052,303 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2023 Offshore/Manufactured Products $ 192,285 $ 9,315 $ 22,343 $ 5,197 $ 538,490 Well Site Services 131,594 12,710 11,698 11,444 204,437 Downhole Technologies 55,849 8,450 (4,055) 420 249,540 Corporate — 318 (20,842) 277 52,553 Total $ 379,728 $ 30,793 $ 9,144 $ 17,338 $ 1,045,020 Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Six Months Ended June 30, 2022 Offshore/Manufactured Products $ 180,579 $ 10,579 $ 19,637 $ 1,473 $ 552,091 Well Site Services 102,991 15,327 (2,794) 4,466 195,444 Downhole Technologies 62,308 8,807 (2,990) 384 257,174 Corporate — 343 (19,279) 130 47,594 Total $ 345,878 $ 35,056 $ (5,426) $ 6,453 $ 1,052,303
Schedule of Supplemental Revenue Information by Segments	The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and six months ended June 30, 2023 and 2022 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Three Months Ended June 30 Project-driven: Products $ 32,210 $ 41,098 $ — $ — $ — $ — $ 32,210 $ 41,098 Services 24,846 23,995 — — — — 24,846 23,995 Total project-driven 57,056 65,093 — — — — 57,056 65,093 Military and other products 7,965 7,763 — — — — 7,965 7,763 Short-cycle: Products 29,065 23,611 — — 23,390 26,561 52,455 50,172 Services — — 64,536 54,819 1,517 3,987 66,053 58,806 Total short-cycle 29,065 23,611 64,536 54,819 24,907 30,548 118,508 108,978 $ 94,086 $ 96,467 $ 64,536 $ 54,819 $ 24,907 $ 30,548 $ 183,529 $ 181,834 Offshore/Manufactured Products Well Site Services Downhole Technologies Total 2023 2022 2023 2022 2023 2022 2023 2022 Six Months Ended June 30 Project-driven: Products $ 71,342 $ 74,942 $ — $ — $ — $ — $ 71,342 $ 74,942 Services 49,476 48,293 — — — — 49,476 48,293 Total project-driven 120,818 123,235 — — — — 120,818 123,235 Military and other products 14,962 13,109 — — — — 14,962 13,109 Short-cycle: Products 56,505 44,235 — — 49,661 52,508 106,166 96,743 Services — — 131,594 102,991 6,188 9,800 137,782 112,791 Total short-cycle 56,505 44,235 131,594 102,991 55,849 62,308 243,948 209,534 $ 192,285 $ 180,579 $ 131,594 $ 102,991 $ 55,849 $ 62,308 $ 379,728 $ 345,878

Details of Selected Balance S_3

Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 185,990	$ 223,995
Allowance for doubtful accounts	(5,073)	(5,226)
Accounts receivable, net	$ 180,917	$ 218,769
Allowance for doubtful accounts as a percentage of total accounts receivable	3%	2%
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 131,726	$ 145,540
Unbilled revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	26,796	29,679
Contract assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	23,714	42,599
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 3,754	$ 6,177

Details of Selected Balance S_4

Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue (contract liabilities)	$ 53,027	$ 44,790

Details of Selected Balance S_5

Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Concentration Risk [Line Items]
Decrease in contract with customer, asset			$ (18,900)
Contract with customer, asset, decrease due to revenue recognized			(37,300)
Contract with customer, asset, reclassified to receivable			18,400
Increase in deferred revenue			8,237	$ 4,647
Contract with customer, liability, increase due to billings			20,600
Contract with customer, liability, revenue recognized			(12,400)
Depreciation	$ 11,200	$ 12,000	22,200	24,600
Amortization of intangible assets	4,300	$ 5,300	8,600	$ 10,400
Offshore/Manufactured Products
Concentration Risk [Line Items]
Fair value of the facility exceeded	$ 6,900		$ 6,900
United States | Geographic Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (as a percent)			73%
United Kingdom | Geographic Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk (as a percent)			10%

Details of Selected Balance S_6

Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts beginning balance	$ 5,226	$ 4,471
Provisions	14	1,044
Write-offs	(204)	(629)
Other	37	280
Allowance for doubtful accounts ending balance	$ 5,073	$ 5,166

Details of Selected Balance S_7

Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods and purchased products	$ 103,641	$ 90,443
Work in process	33,431	32,079
Raw materials	107,781	97,817
Total inventories	244,853	220,339
Allowance for excess or obsolete inventory	(39,721)	(37,681)
Inventories, net	$ 205,132	$ 182,658

Details of Selected Balance S_8

Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property, plant and equipment	$ 1,054,155	$ 1,128,834
Accumulated depreciation	(758,140)	(824,999)
Property, plant, and equipment, net	$ 296,015	$ 303,835

Details of Selected Balance S_9

Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 263,792	$ 263,497
Accumulated Amortization	102,316	93,699
Net Carrying Amount	161,476	169,798
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	141,313	141,179
Accumulated Amortization	52,069	47,629
Net Carrying Amount	89,244	93,550
Patents/Technology/Know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	69,977	69,830
Accumulated Amortization	31,863	29,214
Net Carrying Amount	38,114	40,616
Tradenames and other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,502	52,488
Accumulated Amortization	18,384	16,856
Net Carrying Amount	$ 34,118	$ 35,632

Details of Selected Balance _10

Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred compensation plan	$ 19,231	$ 17,551
Deferred financing costs	1,543	1,893
Deferred income taxes	2,351	1,517
Other	4,674	4,726
Other noncurrent assets	$ 27,799	$ 25,687

Details of Selected Balance _11

Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 21,742	$ 33,659
Accrued taxes, other than income taxes	3,762	1,865
Insurance liabilities	4,150	4,640
Accrued interest	1,685	1,784
Accrued commissions	2,475	2,302
Other	9,173	4,807
Accrued liabilities	$ 42,987	$ 49,057

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 135,786	$ 152,897
Less: Current portion	(513)	(17,831)
Total long-term debt	135,273	135,066
Unamortized debt issuance costs	1,500	1,900
2026 Notes
Debt Instrument [Line Items]
Total debt	132,597	132,164
Long-term debt, gross	135,000	135,000
2023 Notes
Debt Instrument [Line Items]
Total debt	0	17,303
Other debt and finance lease obligations
Debt Instrument [Line Items]
Total debt	3,189	3,430
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	$ 0

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Feb. 15, 2023 USD ($)	Dec. 13, 2022	Mar. 19, 2021 USD ($) $ / shares	Feb. 10, 2021 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding					$ 15,100,000
Conversion price (in dollars per share) | $ / shares			$ 10.49
4.75% Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 135,000,000
Stated interest rate (as a percent)			4.75%
Conversion ratio			0.0953516
1.5% Convertible Unsecured Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.50%				1.50%
Debt Instrument, principal amount repurchased	$ 17,300,000
Revolving Credit Facility Due January 2022
Debt Instrument [Line Items]
Long-term line of credit					$ 0
Remaining borrowing capacity					$ 90,900,000
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 125,000,000
Debt instrument, springing maturity, term (in days)				91 days
Debt instrument, amount of indebtedness subject to springing maturity				$ 17,500,000
Debt instrument, covenant, minimum fixed charge coverage ratio				1
Debt instrument, percentage of borrowing base outstanding subject to covenant (as a percent)				15%
Debt instrument, amount of borrowing base outstanding subject to covenant				$ 14,100,000
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)		0.375%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage (as a percent)		0.50%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.75%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.25%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.75%
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.25%
Letter of Credit | Asset-based Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - 4.75% Convertible Senior Notes $ in Millions	Jun. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 135
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 143.9

Stockholders' Equity - Common a

Stockholders' Equity - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2023	Feb. 16, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000		25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock shares, authorized repurchase		$ 25
Stock repurchased (in shares)	438,563
Stock repurchased cost	$ 3
Remaining authorized repurchase amount	$ 22

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Outstanding Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock outstanding beginning period (in shares)	63,904
Restricted stock awards, net of forfeitures (in shares)	644
Shares withheld for taxes on vesting of stock awards (in shares)	(206)
Purchase of treasury stock (in shares)	(439)
Shares of common stock outstanding ending period (in shares)	63,903

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 698,105	$ 671,941	$ 698,105	$ 671,941	$ 695,518	$ 689,558	$ 688,108	$ 695,826
Total other comprehensive income (loss)			7,400
Currency translation adjustments	$ 3,270	$ (12,680)	$ 7,419	$ (11,819)
United Kingdom, Pounds
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exchange rate strengthened (weakened)	5%	(10.00%)	5%	(10.00%)
Brazil, Brazil Real
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exchange rate strengthened (weakened)	8%	7%	8%	7%
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (71,522)	$ (77,850)	$ (71,522)	$ (77,850)	$ (74,792)	$ (78,941)	$ (65,170)	$ (66,031)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Total income tax provision (benefit)	$ 862	$ 1,792	$ 2,464	$ 5,233
Income (loss) before income taxes	$ 1,420	$ (3,352)	$ 5,180	$ (9,335)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerators:
Net income (loss)	$ 558	$ (5,144)	$ 2,716	$ (14,568)
Less: Income attributable to unvested restricted stock awards	(11)	0	(53)	0
Numerator for basic net income (loss) per share	547	(5,144)	2,663	(14,568)
Effect of dilutive securities:
Unvested restricted stock awards	0	0	0	0
Numerator for diluted net income (loss) per share	$ 547	$ (5,144)	$ 2,663	$ (14,568)
Denominators:
Weighted average number of common shares outstanding (in shares)	64,061	61,948	64,064	61,788
Less: Weighted average number of unvested restricted stock awards outstanding (in shares)	(1,258)	(1,244)	(1,250)	(1,187)
Denominator for basic net income (loss) per share (in shares)	62,803	60,704	62,814	60,601
Denominator for diluted net income (loss) per share (in shares)	63,174	60,704	63,161	60,601
Net income (loss) per share:
Basic (in dollars per share)	$ 0.01	$ (0.08)	$ 0.04	$ (0.24)
Diluted (in dollars per share)	$ 0.01	$ (0.08)	$ 0.04	$ (0.24)
Unvested restricted stock awards
Effect of dilutive securities:
Unvested restricted stock awards	$ 0	$ 0	$ 0	$ 0
Unvested performance share units
Effect of dilutive securities:
Unvested restricted stock awards	$ 371	$ 0	$ 347	$ 0

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	163	264	186	306

Long-Term Incentive Compensat_3

Long-Term Incentive Compensation - Restricted Stock Awards and Related Information (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Stock Options
Outstanding, beginning balance (in shares)	245
Granted (in shares)	0
Vested and distributed (in shares)	0
Forfeited (in shares)	(84)
Outstanding, ending balance (in shares)	161
Weighted average grant date fair value (in dollars per share) | $ / shares
Service-based Restricted Stock
Number of Shares
Outstanding, beginning balance (in shares)	1,222
Granted (in shares)	644
Vested and distributed (in shares)	(617)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	1,249
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 8.81
Performance- and Service-based Stock Units
Number of Shares
Outstanding, beginning balance (in shares)	494
Granted (in shares)	211
Vested and distributed (in shares)	0
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	705
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 8.66

Long-Term Incentive Compensat_4

Long-Term Incentive Compensation - Narrative (Details) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement, recorded liability	$ 1,500,000		$ 1,500,000		$ 1,500,000	$ 1,500,000
Deferred compensation arrangement, requisite performance period			3 years
Stock-based compensation expense	1,800,000	$ 1,700,000	$ 3,400,000	$ 3,500,000
Share-based compensation costs not yet recognized	10,600,000		10,600,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement, potential maximum liability	0		0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement, potential maximum liability	$ 3,100,000		$ 3,100,000
Service-based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Service-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			1 year
Service- based stock units awards (in shares)	82		82
Performance-based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Performance period (in years)			3 years
Percentage of additional performance-based awards issued (as a percent)	200%		200%

Segments and Related Informat_3

Segments and Related Information - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022
Segment Reporting [Abstract]
Number of operating segments | segment	3
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, percentage of obligations, remaining fiscal year (as a percent)	33%
Revenue, remaining performance obligation, percentage of obligations, remaining in year two (as a percent)	47%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation | $	$ 210.7
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years)	1 year
Transferred over Time
Segment Reporting Information [Line Items]
Revenue from contract with customer, percentage of revenue (as a percent)	66%	64%

Segments and Related Informat_4

Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 183,529	$ 181,834	$ 379,728	$ 345,878
Depreciation and amortization	15,537	17,239	30,793	35,056
Operating income (loss)	3,269	(1,090)	9,144	(5,426)
Capital expenditures	10,770	3,595	17,338	6,453
Total assets	1,045,020	1,052,303	1,045,020	1,052,303	$ 1,064,392
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	151	172	318	343
Operating income (loss)	(10,180)	(9,647)	(20,842)	(19,279)
Capital expenditures	265	39	277	130
Total assets	52,553	47,594	52,553	47,594
Offshore/ Manufactured Products
Segment Reporting Information [Line Items]
Revenues	94,086	96,467	192,285	180,579
Offshore/ Manufactured Products | Operating Segments
Segment Reporting Information [Line Items]
Revenues	94,086	96,467	192,285	180,579
Depreciation and amortization	4,647	5,249	9,315	10,579
Operating income (loss)	11,253	9,441	22,343	19,637
Capital expenditures	4,662	571	5,197	1,473
Total assets	538,490	552,091	538,490	552,091
Well Site Services
Segment Reporting Information [Line Items]
Revenues	64,536	54,819	131,594	102,991
Well Site Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	64,536	54,819	131,594	102,991
Depreciation and amortization	6,564	7,395	12,710	15,327
Operating income (loss)	4,732	601	11,698	(2,794)
Capital expenditures	5,672	2,918	11,444	4,466
Total assets	204,437	195,444	204,437	195,444
Downhole Technologies
Segment Reporting Information [Line Items]
Revenues	24,907	30,548	55,849	62,308
Downhole Technologies | Operating Segments
Segment Reporting Information [Line Items]
Revenues	24,907	30,548	55,849	62,308
Depreciation and amortization	4,175	4,423	8,450	8,807
Operating income (loss)	(2,536)	(1,485)	(4,055)	(2,990)
Capital expenditures	171	67	420	384
Total assets	$ 249,540	$ 257,174	$ 249,540	$ 257,174

Segments and Related Informat_5

Segments and Related Information - Supplemental Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 183,529	$ 181,834	$ 379,728	$ 345,878
Products
Segment Reporting Information [Line Items]
Revenues	92,630	99,033	192,470	184,794
Services
Segment Reporting Information [Line Items]
Revenues	90,899	82,801	187,258	161,084
Project-driven:
Segment Reporting Information [Line Items]
Revenues	57,056	65,093	120,818	123,235
Project-driven: | Products
Segment Reporting Information [Line Items]
Revenues	32,210	41,098	71,342	74,942
Project-driven: | Services
Segment Reporting Information [Line Items]
Revenues	24,846	23,995	49,476	48,293
Military and other products
Segment Reporting Information [Line Items]
Revenues	7,965	7,763	14,962	13,109
Short-cycle:
Segment Reporting Information [Line Items]
Revenues	118,508	108,978	243,948	209,534
Short-cycle: | Products
Segment Reporting Information [Line Items]
Revenues	52,455	50,172	106,166	96,743
Short-cycle: | Services
Segment Reporting Information [Line Items]
Revenues	66,053	58,806	137,782	112,791
Offshore/Manufactured Products
Segment Reporting Information [Line Items]
Revenues	94,086	96,467	192,285	180,579
Offshore/Manufactured Products | Project-driven:
Segment Reporting Information [Line Items]
Revenues	57,056	65,093	120,818	123,235
Offshore/Manufactured Products | Project-driven: | Products
Segment Reporting Information [Line Items]
Revenues	32,210	41,098	71,342	74,942
Offshore/Manufactured Products | Project-driven: | Services
Segment Reporting Information [Line Items]
Revenues	24,846	23,995	49,476	48,293
Offshore/Manufactured Products | Military and other products
Segment Reporting Information [Line Items]
Revenues	7,965	7,763	14,962	13,109
Offshore/Manufactured Products | Short-cycle:
Segment Reporting Information [Line Items]
Revenues	29,065	23,611	56,505	44,235
Offshore/Manufactured Products | Short-cycle: | Products
Segment Reporting Information [Line Items]
Revenues	29,065	23,611	56,505	44,235
Offshore/Manufactured Products | Short-cycle: | Services
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services
Segment Reporting Information [Line Items]
Revenues	64,536	54,819	131,594	102,991
Well Site Services | Project-driven:
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services | Project-driven: | Products
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services | Project-driven: | Services
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services | Military and other products
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services | Short-cycle:
Segment Reporting Information [Line Items]
Revenues	64,536	54,819	131,594	102,991
Well Site Services | Short-cycle: | Products
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Well Site Services | Short-cycle: | Services
Segment Reporting Information [Line Items]
Revenues	64,536	54,819	131,594	102,991
Downhole Technologies
Segment Reporting Information [Line Items]
Revenues	24,907	30,548	55,849	62,308
Downhole Technologies | Project-driven:
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Downhole Technologies | Project-driven: | Products
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Downhole Technologies | Project-driven: | Services
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Downhole Technologies | Military and other products
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Downhole Technologies | Short-cycle:
Segment Reporting Information [Line Items]
Revenues	24,907	30,548	55,849	62,308
Downhole Technologies | Short-cycle: | Products
Segment Reporting Information [Line Items]
Revenues	23,390	26,561	49,661	52,508
Downhole Technologies | Short-cycle: | Services
Segment Reporting Information [Line Items]
Revenues	$ 1,517	$ 3,987	$ 6,188	$ 9,800