Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | OIS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 64,215,204 | |
Entity Central Index Key | 0001121484 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenues | $ 167,262 | $ 196,199 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 131,951 | 150,735 |
Selling, general and administrative expense | 22,496 | 24,016 |
Depreciation and amortization expense | 14,195 | 15,256 |
Impairment of goodwill | 10,000 | 0 |
Other operating (income) expense, net | (203) | 317 |
Costs and expenses | 178,439 | 190,324 |
Operating income (loss) | (11,177) | 5,875 |
Interest expense, net | (2,101) | (2,391) |
Other income (expense), net | (72) | 276 |
Income (loss) before income taxes | (13,350) | 3,760 |
Income tax provision | (24) | (1,602) |
Net income (loss) | $ (13,374) | $ 2,158 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ (0.21) | $ 0.03 |
Diluted (in dollars per share) | $ (0.21) | $ 0.03 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 62,503 | 62,825 |
Diluted (in shares) | 62,503 | 63,072 |
Products | ||
Revenues: | ||
Revenues | $ 94,329 | $ 99,840 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 75,137 | 78,677 |
Services | ||
Revenues: | ||
Revenues | 72,933 | 96,359 |
Costs and expenses: | ||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 56,814 | $ 72,058 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (13,374) | $ 2,158 |
Other comprehensive income (loss): | ||
Currency translation adjustments | (3,027) | 4,149 |
Comprehensive income (loss) | $ (16,401) | $ 6,307 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 24,059 | $ 47,111 |
Accounts receivable, net | 200,765 | 203,211 |
Inventories, net | 210,189 | 202,027 |
Prepaid expenses and other current assets | 35,169 | 35,648 |
Total current assets | 470,182 | 487,997 |
Property, plant, and equipment, net | 278,083 | 280,389 |
Operating lease assets, net | 24,826 | 21,970 |
Goodwill, net | 69,774 | 79,867 |
Other intangible assets, net | 148,734 | 153,010 |
Other noncurrent assets | 24,216 | 23,253 |
Total assets | 1,015,815 | 1,046,486 |
Current liabilities: | ||
Current portion of long-term debt | 620 | 627 |
Accounts payable | 57,062 | 67,546 |
Accrued liabilities | 34,821 | 44,227 |
Current operating lease liabilities | 6,654 | 6,880 |
Income taxes payable | 1,179 | 1,233 |
Deferred revenue | 41,528 | 36,757 |
Total current liabilities | 141,864 | 157,270 |
Long-term debt | 135,572 | 135,502 |
Long-term operating lease liabilities | 21,147 | 18,346 |
Deferred income taxes | 6,518 | 7,717 |
Other noncurrent liabilities | 18,396 | 18,106 |
Total liabilities | 323,497 | 336,941 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 78,514,830 shares and 77,218,765 shares issued, respectively | 785 | 772 |
Additional paid-in capital | 1,130,979 | 1,129,240 |
Retained earnings | 271,544 | 284,918 |
Accumulated other comprehensive loss | (73,011) | (69,984) |
Treasury stock, at cost, 14,299,626 and 13,892,049 shares, respectively | (637,979) | (635,401) |
Total stockholders’ equity | 692,318 | 709,545 |
Total liabilities and stockholders’ equity | $ 1,015,815 | $ 1,046,486 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 78,514,830 | 77,218,765 |
Treasury stock, shares (in shares) | 14,299,626 | 13,892,049 |
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, 2022 | $ 689,558 | $ 766 | $ 1,122,292 | $ 272,027 | $ (78,941) | $ (626,586) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 2,158 | 2,158 | ||||
Currency translation adjustments (excluding intercompany advances) | 3,494 | 3,494 | ||||
Currency translation adjustments on intercompany advances | 655 | 655 | ||||
Stock-based compensation expense | 1,589 | 5 | 1,584 | |||
Surrender of stock to settle taxes on stock awards | (1,936) | (1,936) | ||||
Ending balance at Mar. 31, 2023 | 695,518 | 771 | 1,123,876 | 274,185 | (74,792) | (628,522) |
Beginning balance at Dec. 31, 2023 | 709,545 | 772 | 1,129,240 | 284,918 | (69,984) | (635,401) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (13,374) | (13,374) | ||||
Currency translation adjustments (excluding intercompany advances) | (895) | (895) | ||||
Currency translation adjustments on intercompany advances | (2,132) | (2,132) | ||||
Stock-based compensation expense | 1,752 | 13 | 1,739 | |||
Surrender of stock to settle taxes on stock awards | (2,578) | (2,578) | ||||
Ending balance at Mar. 31, 2024 | $ 692,318 | $ 785 | $ 1,130,979 | $ 271,544 | $ (73,011) | $ (637,979) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (13,374) | $ 2,158 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization expense | 14,195 | 15,256 |
Impairment of goodwill | 10,000 | 0 |
Stock-based compensation expense | 1,752 | 1,589 |
Amortization of deferred financing costs | 513 | 449 |
Deferred income tax provision (benefit) | (1,122) | 396 |
Gains on disposals of assets | (1,245) | (210) |
Other, net | (300) | 17 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,579 | (745) |
Inventories | (8,909) | (12,802) |
Accounts payable and accrued liabilities | (19,355) | (18,329) |
Deferred revenue | 4,771 | 4,179 |
Other operating assets and liabilities, net | 135 | 2,124 |
Net cash flows used in operating activities | (11,360) | (5,918) |
Cash flows from investing activities: | ||
Capital expenditures | (10,092) | (6,568) |
Proceeds from disposition of equipment | 2,295 | 223 |
Other, net | (31) | (48) |
Net cash flows used in investing activities | (7,828) | (6,393) |
Cash flows from financing activities: | ||
Revolving credit facility borrowings | 1,894 | 27,865 |
Revolving credit facility repayments | (1,894) | (22,865) |
Repayment of 1.50% convertible senior notes | 0 | (17,315) |
Other debt and finance lease repayments | (154) | (106) |
Payment of financing costs | (954) | (21) |
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards | (2,578) | (1,936) |
Net cash flows used in financing activities | (3,686) | (14,378) |
Effect of exchange rate changes on cash and cash equivalents | (178) | 478 |
Net change in cash and cash equivalents | (23,052) | (26,211) |
Cash and cash equivalents, beginning of period | 47,111 | 42,018 |
Cash and cash equivalents, end of period | 24,059 | 15,807 |
Cash paid (received) for: | ||
Interest | 306 | 485 |
Income taxes, net | $ 599 | $ (2,465) |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows (Parenthetical) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 19, 2021 | Jan. 30, 2018 |
1.5% Convertible Unsecured Senior Notes | ||||
Stated interest rate (as a percent) | 1.50% | 1.50% | 1.50% | |
4.75% Convertible Senior Notes | ||||
Stated interest rate (as a percent) | 4.75% |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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. In the first quarter of 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment (legacy frac plug and elastomer products) were integrated into the Downhole Technologies segment to better align with the underlying activity demand drivers and current segment management structure, as well as provide for additional operational synergies. Historical segment financial data and disaggregated revenue information in Note 10, “Segments and Related Information” were conformed with the current-period segment 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, 2023. |
Goodwill Impairment and Other C
Goodwill Impairment and Other Charges | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Impairment and Other Charges | Goodwill Impairment and Other Charges In 2023, the Company implemented initiatives to reduce future costs, which are continuing into 2024. These management actions included the consolidation, relocation and exit of certain manufacturing and service locations as well as the realignment of operations within two of the Company’s reportable segments. The Company has also incurred legal and other related costs to enforce certain patents related to its proprietary technologies. As a result of these actions, the Company recorded the following charges during the first quarter of 2024 (in thousands): Offshore Manufactured Products Well Site Services Downhole Technologies Pre-tax Total Tax After-tax Total Impairment of goodwill $ — $ — $ 10,000 $ 10,000 $ 481 $ 9,519 Facility consolidation and other charges 1,463 1,046 — 2,509 527 1,982 Goodwill The Company does not amortize goodwill, but rather assesses goodwill for impairment annually and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded. Changes in the carrying amount of goodwill, by operating segment, for the three months ended March 31, 2024 were as follows (in thousands): Offshore Manufactured Products Downhole Technologies Total Balance as of December 31, 2023 $ 79,867 $ — $ 79,867 Goodwill associated with transferred operations (10,000) 10,000 — Impairment of goodwill — (10,000) (10,000) Foreign currency translation (93) — (93) Balance as of March 31, 2024 $ 69,774 $ — $ 69,774 In connection with the first quarter 2024 realignment of the composition of two of its reportable segments discussed in Note 1, “Organization and Basis of Presentation,” goodwill of $10.0 million was reassigned from the Offshore Manufactured Products segment to the Downhole Technologies segment based on estimated relative fair values. The Company performed an interim quantitative assessment of goodwill recorded within the Offshore Manufactured Products segment as of February 29, 2024 (prior to realignment) which indicated that the fair value of the reporting unit exceeded its carrying value. The Company also performed an interim quantitative assessment of goodwill transferred to the Downhole Technologies segment (subsequent to the realignment). This interim assessment indicated that the fair value of the reporting unit was less than its carrying amount and the Company concluded that goodwill reassigned to the Downhole Technologies business was fully impaired. The Company therefore recognized a non-cash goodwill impairment charge totaling $10.0 million in the first quarter of 2024. This impairment charge did not impact the Company’s liquidity position, debt covenants or cash flows. Management used a combination of valuation methodologies including the income approach and guideline public company comparables. The fair values of each of the Company’s reporting units were determined using significant unobservable inputs (Level 3 fair value measurements). The income approach estimates fair value by discounting the Company’s forecasts of future cash flows by a discount rate (expected return) that a market participant is expected to require on its investment. Significant assumptions and estimates used in the income approach include, among others, estimated future net annual cash flows and discount rates for each reporting unit, current and anticipated market conditions, estimated growth rates and historical data. These estimates rely upon significant management judgment. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 134,870 $ 128,405 Unbilled revenue 23,815 27,756 Contract assets 41,355 46,746 Other 5,094 4,801 Total accounts receivable 205,134 207,708 Allowance for doubtful accounts (4,369) (4,497) $ 200,765 $ 203,211 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % March 31, December 31, Deferred revenue (contract liabilities) $ 41,528 $ 36,757 As of March 31, 2024, accounts receivable, net in the United States and the United Kingdom represented 65% and 15%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of March 31, 2024. For the three months ended March 31, 2024, the $5.4 million net decrease in contract assets was primarily attributable to $27.4 million transferred to accounts receivable, which was partially offset by $22.0 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $4.8 million in the first three months of 2024, primarily reflecting $10.7 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $5.9 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 three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Allowance for doubtful accounts – January 1 $ 4,497 $ 5,226 Provisions 12 133 Write-offs (135) (21) Other (5) 21 Allowance for doubtful accounts – March 31 $ 4,369 $ 5,359 March 31, December 31, Inventories, net: Finished goods and purchased products $ 102,464 $ 103,599 Work in process 34,795 30,546 Raw materials 114,390 109,627 Total inventories 251,649 243,772 Allowance for excess or obsolete inventory (41,460) (41,745) $ 210,189 $ 202,027 March 31, December 31, Property, plant and equipment, net: Property, plant and equipment $ 754,882 $ 754,143 Accumulated depreciation (476,799) (473,754) $ 278,083 $ 280,389 For the three months ended March 31, 2024 and 2023, depreciation expense was $9.9 million and $11.0 million, respectively. March 31, 2024 December 31, 2023 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,317 $ 58,708 $ 82,609 $ 141,342 $ 56,499 $ 84,843 Patents/Technology/Know-how 70,129 35,833 34,296 70,113 34,541 35,572 Tradenames and other 52,502 20,673 31,829 52,505 19,910 32,595 $ 263,948 $ 115,214 $ 148,734 $ 263,960 $ 110,950 $ 153,010 For the three months ended March 31, 2024 and 2023, amortization expense was $4.3 million and $4.3 million, respectively. March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 17,637 $ 17,255 Deferred financing costs 1,768 1,109 Deferred income taxes 2,137 2,211 Other 2,674 2,678 $ 24,216 $ 23,253 March 31, December 31, Accrued liabilities: Accrued compensation $ 13,457 $ 27,131 Accrued taxes, other than income taxes 2,902 2,076 Insurance liabilities 4,000 3,839 Accrued interest 3,295 1,690 Accrued commissions 2,716 3,060 Other 8,451 6,431 $ 34,821 $ 44,227 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 133,254 133,037 Other debt and finance lease obligations 2,938 3,092 Total debt 136,192 136,129 Less: Current portion (620) (627) Total long-term debt $ 135,572 $ 135,502 ____________________ (1) Unamortized deferred financing costs of $1.8 million and $1.1 million as of March 31, 2024 and December 31, 2023, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2024 and December 31, 2023. Revolving Credit Facility The Company has a senior secured credit facility, which provides for a $125.0 million asset-based revolving credit facility (as amended, 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 (as amended, the “ABL Agreement”). In February 2024, the Company amended the ABL Facility to extend the maturity date to February 16, 2028, 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. Borrowings under the ABL Agreement bear interest at a rate equal to the Secured Overnight Financing 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 March 31, 2024, the Company had no borrowings outstanding under the ABL Facility and $15.9 million of outstanding letters of credit. The total amount available to be drawn as of March 31, 2024 was $86.3 million, calculated based on the current borrowing base less outstanding borrowings, if any, and letters of credit. As of March 31, 2024, 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 March 31, 2024, 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 January 30, 2018, the Company issued $200.0 million aggregate principal amount of its 1.50% convertible senior notes due 2023 (the "2023 Notes") pursuant to an indenture, dated as of January 30, 2018. The 2023 Notes bore interest at a rate of 1.50% per year, and the outstanding principal amount of $17.3 million matured and was repaid in full on February 15, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The 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 March 31, 2024 was $132.8 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 three months of 2024 (in thousands): Shares of common stock outstanding – December 31, 2023 63,327 Restricted stock awards, net of forfeitures 1,296 Shares withheld for taxes on vesting of stock awards (408) Shares of common stock outstanding – March 31, 2024 64,215 As of March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024, there were no repurchases of common stock under the program. The amount remaining under the Company’s share repurchase authorization as of March 31, 2024 was $18.1 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 increased from $70.0 million at December 31, 2023 to $73.0 million at March 31, 2024. For the three months ended March 31, 2024 and 2023, currency translation adjustments recognized as a component of other comprehensive income (loss) were primarily attributable to the United Kingdom and Brazil. During the three months ended March 31, 2024, the exchange rates for the British pound and the Brazilian real weakened by 1% and 3%, respectively, compared to the U.S. dollar, contributing to other comprehensive loss of $3.0 million. During the three months ended March 31, 2023, the exchange rate for the British pound and the Brazilian real strengthened by 3% and 2%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $4.1 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three months ended March 31, 2024 and 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 March 31, 2024, the Company’s income tax expense was $24 thousand on a pre-tax loss of $13.4 million, which included a $10.0 million goodwill impairment charge (approximately $7.7 million of which was non-deductible) and other non-deductible expenses. This compares to an income tax expense of $1.6 million on pre-tax income of $3.8 million, which included certain non-deductible expenses and discrete tax items, for the three months ended March 31, 2023. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerators: Net income (loss) $ (13,374) $ 2,158 Less: Income attributable to unvested restricted stock awards — (42) Numerator for basic net income (loss) per share (13,374) 2,116 Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net income (loss) per share $ (13,374) $ 2,116 Denominators: Weighted average number of common shares outstanding 63,883 64,068 Less: Weighted average number of unvested restricted stock awards outstanding (1,380) (1,243) Denominator for basic net income (loss) per share 62,503 62,825 Effect of dilutive securities: Performance share units — 247 Denominator for diluted net income (loss) per share 62,503 63,072 Net income (loss) per share: Basic $ (0.21) $ 0.03 Diluted (0.21) 0.03 The calculation of diluted earnings per share for the three months ended March 31, 2024 and 2023 excluded 122 thousand shares and 209 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2023 158 1,233 927 Granted — 852 250 Vested and distributed — (556) (444) Forfeited (81) — — Outstanding – March 31, 2024 77 1,529 733 Weighted average grant date fair value (2024 awards) $ 6.10 $ 6.10 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 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 March 31, 2024. Performance-based stock unit awards 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 shares will vest. The Company issued conditional long-term cash incentive awards (“Cash Awards”) of $1.5 million in the first quarters of 2024 and 2023. 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 months ended March 31, 2024 and 2023 totaled $1.8 million and $1.6 million, respectively. As of March 31, 2024, there was $11.8 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information In the first quarter of 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment were integrated into the Downhole Technologies segment (see Note 1, “Organization and Basis of Presentation”). Historical segment financial data and supplemental disaggregated revenue information for the three months ended March 31, 2023 (presented below) were conformed with the current-period segment presentation. The Company operates through three reportable operating segments: Offshore Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2024 and 2023 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2024 Offshore Manufactured Products (1) $ 86,857 $ 3,693 $ 10,603 $ 7,221 $ 516,039 Well Site Services (2) 47,292 6,079 (419) 2,414 179,763 Downhole Technologies (3) 33,113 4,270 (12,079) 446 278,055 Corporate — 153 (9,282) 11 41,958 Total (1) $ 167,262 $ 14,195 $ (11,177) $ 10,092 $ 1,015,815 ____________________ (1) Operating income included $1.5 million of facility consolidation charges. (2) Operating loss included $1.0 million in facility consolidation and other charges. (3) Operating loss included a $10.0 million non-cash goodwill impairment charge (see Note 2, “G oodwill Impairment and Other Charges”). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2023 Offshore Manufactured Products $ 80,505 $ 4,075 $ 7,698 $ 359 $ 502,263 Well Site Services 67,058 6,146 6,966 5,772 212,415 Downhole Technologies 48,636 4,868 1,873 425 302,271 Corporate — 167 (10,662) 12 33,188 Total $ 196,199 $ 15,256 $ 5,875 $ 6,568 $ 1,050,137 The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2024 and 2023 (in thousands): Offshore Manufactured Products Well Site Services Downhole Technologies Total 2024 2023 2024 2023 2024 2023 2024 2023 Three Months Ended March 31 Project-driven: Products $ 53,137 $ 48,617 $ — $ — $ — $ — $ 53,137 $ 48,617 Services 25,233 24,630 — — — — 25,233 24,630 Total project-driven 78,370 73,247 — — — — 78,370 73,247 Military and other products 8,487 7,258 — — — — 8,487 7,258 Short-cycle products and services — — 47,292 67,058 33,113 48,636 80,405 115,694 $ 86,857 $ 80,505 $ 47,292 $ 67,058 $ 33,113 $ 48,636 $ 167,262 $ 196,199 Revenues from products and services transferred to customers over time accounted for approximately 67% and 66% of consolidated revenues for the three months ended March 31, 2024 and 2023, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2024, the Company had $203.0 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 43% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2024, with an additional 33% recognized in 2025 and the balance thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters. Although the Company can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on the Company, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise covered by insurance, will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income (loss) | $ (13,374) | $ 2,158 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Goodwill Impairment and Other_2
Goodwill Impairment and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Asset Impairment Charges | As a result of these actions, the Company recorded the following charges during the first quarter of 2024 (in thousands): Offshore Manufactured Products Well Site Services Downhole Technologies Pre-tax Total Tax After-tax Total Impairment of goodwill $ — $ — $ 10,000 $ 10,000 $ 481 $ 9,519 Facility consolidation and other charges 1,463 1,046 — 2,509 527 1,982 |
Schedule of Goodwill | Changes in the carrying amount of goodwill, by operating segment, for the three months ended March 31, 2024 were as follows (in thousands): Offshore Manufactured Products Downhole Technologies Total Balance as of December 31, 2023 $ 79,867 $ — $ 79,867 Goodwill associated with transferred operations (10,000) 10,000 — Impairment of goodwill — (10,000) (10,000) Foreign currency translation (93) — (93) Balance as of March 31, 2024 $ 69,774 $ — $ 69,774 |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts as of March 31, 2024 and December 31, 2023 is presented below (in thousands): March 31, December 31, Accounts receivable, net: Trade $ 134,870 $ 128,405 Unbilled revenue 23,815 27,756 Contract assets 41,355 46,746 Other 5,094 4,801 Total accounts receivable 205,134 207,708 Allowance for doubtful accounts (4,369) (4,497) $ 200,765 $ 203,211 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % |
Schedule of Contract with Customer, Asset and Liability | March 31, December 31, Deferred revenue (contract liabilities) $ 41,528 $ 36,757 |
Schedule of Activity in Allowance for Doubtful Accounts | The following provides a summary of activity in the allowance for doubtful accounts for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Allowance for doubtful accounts – January 1 $ 4,497 $ 5,226 Provisions 12 133 Write-offs (135) (21) Other (5) 21 Allowance for doubtful accounts – March 31 $ 4,369 $ 5,359 |
Schedule of Inventory, Net | March 31, December 31, Inventories, net: Finished goods and purchased products $ 102,464 $ 103,599 Work in process 34,795 30,546 Raw materials 114,390 109,627 Total inventories 251,649 243,772 Allowance for excess or obsolete inventory (41,460) (41,745) $ 210,189 $ 202,027 |
Schedule of Property, Plant and Equipment, Net | March 31, December 31, Property, plant and equipment, net: Property, plant and equipment $ 754,882 $ 754,143 Accumulated depreciation (476,799) (473,754) $ 278,083 $ 280,389 |
Schedule of Finite-Lived Intangible Assets | March 31, 2024 December 31, 2023 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,317 $ 58,708 $ 82,609 $ 141,342 $ 56,499 $ 84,843 Patents/Technology/Know-how 70,129 35,833 34,296 70,113 34,541 35,572 Tradenames and other 52,502 20,673 31,829 52,505 19,910 32,595 $ 263,948 $ 115,214 $ 148,734 $ 263,960 $ 110,950 $ 153,010 |
Schedule of Other Noncurrent Assets | March 31, December 31, Other noncurrent assets: Deferred compensation plan $ 17,637 $ 17,255 Deferred financing costs 1,768 1,109 Deferred income taxes 2,137 2,211 Other 2,674 2,678 $ 24,216 $ 23,253 |
Schedule of Accrued Liabilities | March 31, December 31, Accrued liabilities: Accrued compensation $ 13,457 $ 27,131 Accrued taxes, other than income taxes 2,902 2,076 Insurance liabilities 4,000 3,839 Accrued interest 3,295 1,690 Accrued commissions 2,716 3,060 Other 8,451 6,431 $ 34,821 $ 44,227 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands): March 31, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 133,254 133,037 Other debt and finance lease obligations 2,938 3,092 Total debt 136,192 136,129 Less: Current portion (620) (627) Total long-term debt $ 135,572 $ 135,502 ____________________ (1) Unamortized deferred financing costs of $1.8 million and $1.1 million as of March 31, 2024 and December 31, 2023, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of March 31, 2024 and December 31, 2023. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months of 2024 (in thousands): Shares of common stock outstanding – December 31, 2023 63,327 Restricted stock awards, net of forfeitures 1,296 Shares withheld for taxes on vesting of stock awards (408) Shares of common stock outstanding – March 31, 2024 64,215 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerators: Net income (loss) $ (13,374) $ 2,158 Less: Income attributable to unvested restricted stock awards — (42) Numerator for basic net income (loss) per share (13,374) 2,116 Effect of dilutive securities: Unvested restricted stock awards — — Numerator for diluted net income (loss) per share $ (13,374) $ 2,116 Denominators: Weighted average number of common shares outstanding 63,883 64,068 Less: Weighted average number of unvested restricted stock awards outstanding (1,380) (1,243) Denominator for basic net income (loss) per share 62,503 62,825 Effect of dilutive securities: Performance share units — 247 Denominator for diluted net income (loss) per share 62,503 63,072 Net income (loss) per share: Basic $ (0.21) $ 0.03 Diluted (0.21) 0.03 |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 (in thousands): Stock Options Service-based Restricted Stock Performance- and Service-based Stock Units Outstanding – December 31, 2023 158 1,233 927 Granted — 852 250 Vested and distributed — (556) (444) Forfeited (81) — — Outstanding – March 31, 2024 77 1,529 733 Weighted average grant date fair value (2024 awards) $ 6.10 $ 6.10 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by operating segment for the three months ended March 31, 2024 and 2023 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2024 Offshore Manufactured Products (1) $ 86,857 $ 3,693 $ 10,603 $ 7,221 $ 516,039 Well Site Services (2) 47,292 6,079 (419) 2,414 179,763 Downhole Technologies (3) 33,113 4,270 (12,079) 446 278,055 Corporate — 153 (9,282) 11 41,958 Total (1) $ 167,262 $ 14,195 $ (11,177) $ 10,092 $ 1,015,815 ____________________ (1) Operating income included $1.5 million of facility consolidation charges. (2) Operating loss included $1.0 million in facility consolidation and other charges. (3) Operating loss included a $10.0 million non-cash goodwill impairment charge (see Note 2, “G oodwill Impairment and Other Charges”). Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets Three Months Ended March 31, 2023 Offshore Manufactured Products $ 80,505 $ 4,075 $ 7,698 $ 359 $ 502,263 Well Site Services 67,058 6,146 6,966 5,772 212,415 Downhole Technologies 48,636 4,868 1,873 425 302,271 Corporate — 167 (10,662) 12 33,188 Total $ 196,199 $ 15,256 $ 5,875 $ 6,568 $ 1,050,137 |
Schedule of Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2024 and 2023 (in thousands): Offshore Manufactured Products Well Site Services Downhole Technologies Total 2024 2023 2024 2023 2024 2023 2024 2023 Three Months Ended March 31 Project-driven: Products $ 53,137 $ 48,617 $ — $ — $ — $ — $ 53,137 $ 48,617 Services 25,233 24,630 — — — — 25,233 24,630 Total project-driven 78,370 73,247 — — — — 78,370 73,247 Military and other products 8,487 7,258 — — — — 8,487 7,258 Short-cycle products and services — — 47,292 67,058 33,113 48,636 80,405 115,694 $ 86,857 $ 80,505 $ 47,292 $ 67,058 $ 33,113 $ 48,636 $ 167,262 $ 196,199 |
Goodwill Impairment and Other_3
Goodwill Impairment and Other Charges - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Number of reportable segments realigned | segment | 2 | |
Goodwill associated with transferred operations | $ 0 | |
Impairment of goodwill | 10,000 | $ 0 |
Offshore Manufactured Products | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill associated with transferred operations | (10,000) | |
Impairment of goodwill | 0 | |
Downhole Technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill associated with transferred operations | 10,000 | |
Impairment of goodwill | $ 10,000 |
Goodwill Impairment and Other_4
Goodwill Impairment and Other Charges - Schedule of Asset Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of goodwill | $ 10,000 | $ 0 |
Impairment of goodwill, Tax | 481 | |
Impairment of goodwill, After-tax Total | 9,519 | |
Facility consolidation and other charges | 2,509 | |
Facility consolidation and other charges, Tax | 527 | |
Facility consolidation and other charges, After-tax Total | 1,982 | |
Offshore Manufactured Products | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of goodwill | 0 | |
Facility consolidation and other charges | 1,463 | |
Well Site Services | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of goodwill | 0 | |
Facility consolidation and other charges | 1,046 | |
Downhole Technologies | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of goodwill | 10,000 | |
Facility consolidation and other charges | $ 0 |
Goodwill Impairment and Other_5
Goodwill Impairment and Other Charges - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in carrying value of goodwill | ||
Goodwill, net, beginning of period | $ 79,867 | |
Goodwill associated with transferred operations | 0 | |
Impairment of goodwill | (10,000) | $ 0 |
Foreign currency translation | (93) | |
Goodwill, net, end of period | 69,774 | |
Offshore Manufactured Products | ||
Changes in carrying value of goodwill | ||
Goodwill, net, beginning of period | 79,867 | |
Goodwill associated with transferred operations | (10,000) | |
Impairment of goodwill | 0 | |
Foreign currency translation | (93) | |
Goodwill, net, end of period | 69,774 | |
Downhole Technologies | ||
Changes in carrying value of goodwill | ||
Goodwill, net, beginning of period | 0 | |
Goodwill associated with transferred operations | 10,000 | |
Impairment of goodwill | (10,000) | |
Foreign currency translation | 0 | |
Goodwill, net, end of period | $ 0 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 205,134 | $ 207,708 |
Allowance for doubtful accounts | (4,369) | (4,497) |
Accounts receivable, net | $ 200,765 | $ 203,211 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 2% | 2% |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 134,870 | $ 128,405 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 23,815 | 27,756 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 41,355 | 46,746 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 5,094 | $ 4,801 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue (contract liabilities) | $ 41,528 | $ 36,757 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Concentration Risk [Line Items] | ||
Decrease in contract with customer, asset | $ (5,400) | |
Contract with customer, asset, reclassified to receivable | 22,000 | |
Contract with customer, asset, decrease due to revenue recognized | 27,400 | |
Increase in deferred revenue | 4,771 | $ 4,179 |
Contract with customer, liability, increase due to billings | 10,700 | |
Contract with customer, liability, revenue recognized | (5,900) | |
Depreciation | 9,900 | 11,000 |
Amortization of intangible assets | $ 4,300 | $ 4,300 |
United States | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 65% | |
United Kingdom | Geographic Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 15% |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts beginning balance | $ 4,497 | $ 5,226 |
Provisions | 12 | 133 |
Write-offs | (135) | (21) |
Other | (5) | 21 |
Allowance for doubtful accounts ending balance | $ 4,369 | $ 5,359 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished goods and purchased products | $ 102,464 | $ 103,599 |
Work in process | 34,795 | 30,546 |
Raw materials | 114,390 | 109,627 |
Total inventories | 251,649 | 243,772 |
Allowance for excess or obsolete inventory | (41,460) | (41,745) |
Inventories, net | $ 210,189 | $ 202,027 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property, plant and equipment | $ 754,882 | $ 754,143 |
Accumulated depreciation | (476,799) | (473,754) |
Property, plant, and equipment, net | $ 278,083 | $ 280,389 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 263,948 | $ 263,960 |
Accumulated Amortization | 115,214 | 110,950 |
Net Carrying Amount | 148,734 | 153,010 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 141,317 | 141,342 |
Accumulated Amortization | 58,708 | 56,499 |
Net Carrying Amount | 82,609 | 84,843 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 70,129 | 70,113 |
Accumulated Amortization | 35,833 | 34,541 |
Net Carrying Amount | 34,296 | 35,572 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,502 | 52,505 |
Accumulated Amortization | 20,673 | 19,910 |
Net Carrying Amount | $ 31,829 | $ 32,595 |
Details of Selected Balance _10
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred compensation plan | $ 17,637 | $ 17,255 |
Deferred financing costs | 1,768 | 1,109 |
Deferred income taxes | 2,137 | 2,211 |
Other | 2,674 | 2,678 |
Other noncurrent assets | $ 24,216 | $ 23,253 |
Details of Selected Balance _11
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 13,457 | $ 27,131 |
Accrued taxes, other than income taxes | 2,902 | 2,076 |
Insurance liabilities | 4,000 | 3,839 |
Accrued interest | 3,295 | 1,690 |
Accrued commissions | 2,716 | 3,060 |
Other | 8,451 | 6,431 |
Accrued liabilities | $ 34,821 | $ 44,227 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 136,192 | $ 136,129 |
Less: Current portion | (620) | (627) |
Total long-term debt | 135,572 | 135,502 |
Unamortized debt issuance costs | 1,800 | 1,100 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 133,254 | 133,037 |
Long-term debt, gross | 135,000 | 135,000 |
Other debt and finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 2,938 | 3,092 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) | 3 Months Ended | ||||
Feb. 16, 2024 USD ($) | Mar. 19, 2021 USD ($) $ / shares | Jan. 30, 2018 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 | |
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | $ 15,900,000 | ||||
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] | |||||
Debt instrument, face amount | $ 200,000,000 | ||||
Stated interest rate (as a percent) | 1.50% | 1.50% | 1.50% | ||
Debt instrument, amount repurchased | $ 17,300,000 | ||||
Revolving Credit Facility Due January 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit | $ 0 | ||||
Remaining borrowing capacity | 86,300,000 | ||||
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 | ||||
Basis spread on variable rate (as a percent) | 0% | ||||
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] | |||||
Basis spread on variable rate (as a percent) | 2.75% | ||||
Commitment fee percentage (as a percent) | 0.375% | ||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 3.25% | ||||
Commitment fee percentage (as a percent) | 0.50% | ||||
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 | Mar. 31, 2024 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 | $ 132.8 |
Stockholders' Equity - Common a
Stockholders' Equity - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Feb. 16, 2023 | |
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 repurchases | $ 0 | ||
Remaining authorized repurchase amount | $ 18.1 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Shares of common stock outstanding beginning period (in shares) | 63,327 |
Restricted stock awards, net of forfeitures (in shares) | 1,296 |
Shares withheld for taxes on vesting of stock awards (in shares) | (408) |
Shares of common stock outstanding ending period (in shares) | 64,215 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ 692,318 | $ 695,518 | $ 709,545 | $ 689,558 |
Total other comprehensive income (loss) | $ (3,000) | $ 4,100 | ||
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | (1.00%) | 3% | ||
Brazil, Brazil Real | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | (3.00%) | 2% | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ (73,011) | $ (74,792) | $ (69,984) | $ (78,941) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Total income tax provision | $ 24 | $ 1,602 |
Income (loss) before income taxes | (13,350) | 3,760 |
Impairment of goodwill | 10,000 | $ 0 |
Non-deductible expense, goodwill impairment charge | $ 7,700 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerators: | ||
Net income (loss) | $ (13,374) | $ 2,158 |
Less: Income attributable to unvested restricted stock awards | 0 | (42) |
Numerator for basic net income (loss) per share | (13,374) | 2,116 |
Effect of dilutive securities: | ||
Unvested restricted stock awards | 0 | 0 |
Numerator for diluted net income (loss) per share | $ (13,374) | $ 2,116 |
Denominators: | ||
Weighted average number of common shares outstanding (in shares) | 63,883 | 64,068 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,380) | (1,243) |
Denominator for basic net income (loss) per share (in shares) | 62,503 | 62,825 |
Performance share units | $ 0 | $ 247 |
Denominator for diluted net income (loss) per share (in shares) | 62,503 | 63,072 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ (0.21) | $ 0.03 |
Diluted (in dollars per share) | $ (0.21) | $ 0.03 |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 122 | 209 |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Stock Options | |
Outstanding, beginning balance (in shares) | 158 |
Granted (in shares) | 0 |
Vested and distributed (in shares) | 0 |
Forfeited (in shares) | (81) |
Outstanding, ending balance (in shares) | 77 |
Weighted average grant date fair value (in dollars per share) | $ / shares | |
Service-based Restricted Stock | |
Number of Shares | |
Unvested, beginning balance (in shares) | 1,233 |
Granted (in shares) | 852 |
Vested (in shares) | (556) |
Forfeited (in shares) | 0 |
Unvested, ending balance (in shares) | 1,529 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.10 |
Performance- and Service-based Stock Units | |
Number of Shares | |
Unvested, beginning balance (in shares) | 927 |
Granted (in shares) | 250 |
Vested (in shares) | (444) |
Forfeited (in shares) | 0 |
Unvested, ending balance (in shares) | 733 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.10 |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Narrative (Details) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, recorded liability | $ 1,500,000 | $ 1,500,000 |
Deferred compensation arrangement, requisite performance period | 3 years | |
Stock-based compensation expense | $ 1,800,000 | $ 1,600,000 |
Share-based compensation costs not yet recognized | 11,800,000 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | 0 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation arrangement, potential maximum liability | $ 3,100,000 | |
Unvested restricted stock awards | ||
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 | |
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% |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 3 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation | $ | $ 203 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 9 months | |
Revenue, remaining performance obligation, percentage | 43% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Segment Reporting Information [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 1 year | |
Revenue, remaining performance obligation, percentage | 33% | |
Transferred over Time | ||
Segment Reporting Information [Line Items] | ||
Revenue from contract with customer, percentage of revenue (as a percent) | 67% | 66% |
Segments and Related Informat_4
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 167,262 | $ 196,199 | |
Depreciation and amortization | 14,195 | 15,256 | |
Operating income (loss) | (11,177) | 5,875 | |
Capital expenditures | 10,092 | 6,568 | |
Total assets | 1,015,815 | 1,050,137 | $ 1,046,486 |
Facility consolidation charges | 2,509 | ||
Impairment of goodwill | 10,000 | 0 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Depreciation and amortization | 153 | 167 | |
Operating income (loss) | (9,282) | (10,662) | |
Capital expenditures | 11 | 12 | |
Total assets | 41,958 | 33,188 | |
Offshore Manufactured Products | |||
Segment Reporting Information [Line Items] | |||
Revenues | 86,857 | 80,505 | |
Facility consolidation charges | 1,463 | ||
Impairment of goodwill | 0 | ||
Offshore Manufactured Products | Facility Closing | |||
Segment Reporting Information [Line Items] | |||
Facility consolidation charges | 1,500 | ||
Offshore Manufactured Products | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 86,857 | 80,505 | |
Depreciation and amortization | 3,693 | 4,075 | |
Operating income (loss) | 10,603 | 7,698 | |
Capital expenditures | 7,221 | 359 | |
Total assets | 516,039 | 502,263 | |
Well Site Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | 47,292 | 67,058 | |
Facility consolidation charges | 1,046 | ||
Impairment of goodwill | 0 | ||
Well Site Services | Facility Closing | |||
Segment Reporting Information [Line Items] | |||
Facility consolidation charges | 1,000 | ||
Well Site Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 47,292 | 67,058 | |
Depreciation and amortization | 6,079 | 6,146 | |
Operating income (loss) | (419) | 6,966 | |
Capital expenditures | 2,414 | 5,772 | |
Total assets | 179,763 | 212,415 | |
Downhole Technologies | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33,113 | 48,636 | |
Facility consolidation charges | 0 | ||
Impairment of goodwill | 10,000 | ||
Downhole Technologies | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33,113 | 48,636 | |
Depreciation and amortization | 4,270 | 4,868 | |
Operating income (loss) | (12,079) | 1,873 | |
Capital expenditures | 446 | 425 | |
Total assets | $ 278,055 | $ 302,271 |
Segments and Related Informat_5
Segments and Related Information - Supplemental Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 167,262 | $ 196,199 |
Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 94,329 | 99,840 |
Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 72,933 | 96,359 |
Project-driven: | ||
Segment Reporting Information [Line Items] | ||
Revenues | 78,370 | 73,247 |
Project-driven: | Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 53,137 | 48,617 |
Project-driven: | Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 25,233 | 24,630 |
Military and other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 8,487 | 7,258 |
Short-cycle products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 80,405 | 115,694 |
Offshore Manufactured Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 86,857 | 80,505 |
Offshore Manufactured Products | Project-driven: | ||
Segment Reporting Information [Line Items] | ||
Revenues | 78,370 | 73,247 |
Offshore Manufactured Products | Project-driven: | Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 53,137 | 48,617 |
Offshore Manufactured Products | Project-driven: | Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 25,233 | 24,630 |
Offshore Manufactured Products | Military and other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 8,487 | 7,258 |
Offshore Manufactured Products | Short-cycle products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 47,292 | 67,058 |
Well Site Services | Project-driven: | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Project-driven: | Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Project-driven: | Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Military and other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Well Site Services | Short-cycle products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 47,292 | 67,058 |
Downhole Technologies | ||
Segment Reporting Information [Line Items] | ||
Revenues | 33,113 | 48,636 |
Downhole Technologies | Project-driven: | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Project-driven: | Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Project-driven: | Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Military and other products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Downhole Technologies | Short-cycle products and services | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 33,113 | $ 48,636 |