Forum Energy (FET) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	(281)
Local Phone Number	949-2500
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,627,653
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 137,420	$ 113,275	$ 251,937	$ 295,907
Cost of sales	105,216	100,373	193,548	260,915
Gross profit	32,204	12,902	58,389	34,992
Operating expenses
Selling, general and administrative expenses	42,184	48,362	83,658	108,523
Impairments of intangible assets, property and equipment	0	112	0	17,432
Gain on disposal of assets and other	(360)	(550)	(1,269)	(534)
Total operating expenses	41,824	47,924	82,389	125,421
Operating loss	(9,620)	(35,022)	(24,000)	(90,429)
Other expense (income)
Interest expense	7,775	6,420	16,937	13,144
Foreign exchange and other losses (gains), net	(939)	631	2,531	(4,376)
Loss (gain) on extinguishment of debt	4,161	(36,285)	5,094	(43,744)
Deferred loan costs written off	0	130	0	1,959
Total other expense (income), net	10,997	(29,104)	24,562	(33,017)
Loss before income taxes	(20,617)	(5,918)	(48,562)	(57,412)
Income tax expense (benefit)	1,189	(424)	2,907	(14,774)
Net loss	$ (21,806)	$ (5,494)	$ (51,469)	$ (42,638)
Weighted average shares outstanding
Basic (in shares)	5,638	5,580	5,625	5,569
Diluted (in shares)	5,638	5,580	5,625	5,569
Loss per share
Basic (in USD per share)	$ (3.87)	$ (0.98)	$ (9.15)	$ (7.66)
Diluted (in USD per share)	$ (3.87)	$ (0.98)	$ (9.15)	$ (7.66)
Other comprehensive income (loss), net of tax:
Net loss	$ (21,806)	$ (5,494)	$ (51,469)	$ (42,638)
Change in foreign currency translation, net of tax of $0	66	1,900	3,218	(6,946)
Gain (loss) on pension liability	(21)	(22)	56	(1)
Comprehensive loss	$ (21,761)	$ (3,616)	$ (48,195)	$ (49,585)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 60,361	$ 128,617
Accounts receivable—trade, net of allowances of $10,073 and $9,217	106,909	80,606
Inventories, net	227,987	251,747
Prepaid expenses and other current assets	21,593	19,018
Accrued revenue	1,205	1,687
Costs and estimated profits in excess of billings	8,879	8,516
Total current assets	426,934	490,191
Property and equipment, net of accumulated depreciation	104,526	113,668
Operating lease assets	28,503	31,520
Deferred financing costs, net	0	249
Intangible assets, net	227,638	240,444
Deferred income taxes, net	132	102
Other long-term assets	16,428	13,752
Total assets	804,161	889,926
Current liabilities
Current portion of long-term debt	1,024	1,322
Accounts payable—trade	72,288	46,351
Accrued liabilities	65,790	67,581
Deferred revenue	6,547	7,863
Billings in excess of costs and profits recognized	5,505	1,817
Total current liabilities	151,154	124,934
Long-term debt, net of current portion	231,696	293,373
Deferred income taxes, net	1,595	1,952
Operating lease liabilities	39,433	44,536
Other long-term liabilities	18,573	18,895
Total liabilities	442,451	483,690
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 6,038,371 and 5,992,400 shares issued	60	60
Additional paid-in capital	1,246,389	1,242,720
Treasury stock at cost, 410,877 shares	(134,499)	(134,499)
Retained deficit	(653,125)	(601,656)
Accumulated other comprehensive loss	(97,115)	(100,389)
Total equity	361,710	406,236
Total liabilities and equity	$ 804,161	$ 889,926

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 10,073	$ 9,217
Common Stock, par value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	14,800,000	14,800,000
Common Stock, shares issued (in shares)	6,038,371	5,992,400
Treasury stock (in shares)	410,877	410,877

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (51,469)	$ (42,638)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	9,222	13,296
Amortization of intangible assets	12,662	13,371
Impairments of intangible assets, property and equipment	0	17,432
Impairments of operating lease assets	0	9,338
Inventory write down	2,617	16,379
Stock-based compensation expense	3,810	5,760
Loss (gain) on extinguishment of debt	5,094	(43,744)
Deferred loan costs written off	0	1,959
Deferred income taxes	(320)	385
Noncash losses and other, net	3,909	686
Changes in operating assets and liabilities
Accounts receivable—trade	(27,585)	60,900
Inventories	21,463	18,279
Prepaid expenses and other assets	(5,153)	(13,236)
Cost and estimated profit in excess of billings	165	(957)
Accounts payable, deferred revenue and other accrued liabilities	24,262	(56,198)
Billings in excess of costs and estimated profits earned	3,679	(3,089)
Net cash provided by (used in) operating activities	2,356	(2,077)
Cash flows from investing activities
Capital expenditures for property and equipment	(704)	(1,538)
Proceeds from sale of property and equipment	2,106	1,336
Net working capital settlement from sale of business	(1,283)	0
Net cash provided by (used in) investing activities	119	(202)
Cash flows from financing activities
Borrowings on revolving Credit Facility	0	85,000
Repayments on revolving Credit Facility	(13,126)	0
Cash paid to repurchase 2025 Notes and 2021 Notes	(56,731)	(27,615)
Payment of capital lease obligations	(783)	(565)
Repurchases of stock	(141)	(181)
Deferred financing costs	0	(2,259)
Net cash provided by (used in) financing activities	(70,781)	54,380
Effect of exchange rate changes on cash	50	(334)
Net increase (decrease) in cash, cash equivalents and restricted cash	(68,256)	51,767
Cash, cash equivalents and restricted cash at beginning of period	128,617	57,911
Cash, cash equivalents and restricted cash at end of period	60,361	109,678
Noncash activities
Operating lease right of use assets obtained in exchange for lease obligations	874	690
Finance lease right of use assets obtained in exchange for lease obligations	$ 228	$ 1,384

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Treasury stock	Retained deficit	Retained deficitCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income / (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-13	$ 486,039	$ (1,398)	$ 1,189	$ 1,231,650	$ (134,493)	$ (503,369)	$ (1,398)	$ (108,938)
Balance at beginning of period at Dec. 31, 2019	486,039	(1,398)	1,189	1,231,650	(134,493)	(503,369)	(1,398)	(108,938)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	3,223			3,223
Restricted stock issuance, net of forfeitures	(173)		5	(178)
Shares issued in employee stock purchase plan	346		2	344
Treasury stock	(6)				(6)
Currency translation adjustment	(8,846)							(8,846)
Change in pension liability	21							21
Net loss	(37,144)					(37,144)
Balance at end of period at Mar. 31, 2020	442,062		1,196	1,235,039	(134,499)	(541,911)		(117,763)
Balance at beginning of period at Dec. 31, 2019	486,039	$ (1,398)	1,189	1,231,650	(134,493)	(503,369)	$ (1,398)	(108,938)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment	(6,946)
Change in pension liability	(1)
Net loss	(42,638)
Balance at end of period at Jun. 30, 2020	440,981		1,196	1,237,574	(134,499)	(547,405)		(115,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-13	442,062		1,196	1,235,039	(134,499)	(541,911)		(117,763)
Balance at beginning of period at Mar. 31, 2020	442,062		1,196	1,235,039	(134,499)	(541,911)		(117,763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,537			2,537
Restricted stock issuance, net of forfeitures	(2)			(2)
Currency translation adjustment	1,900							1,900
Change in pension liability	(22)							(22)
Net loss	(5,494)					(5,494)
Balance at end of period at Jun. 30, 2020	440,981		1,196	1,237,574	(134,499)	(547,405)		(115,885)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-13	440,981		1,196	1,237,574	(134,499)	(547,405)		(115,885)
Adjustment for adoption of ASU 2016-13	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)
Balance at beginning of period at Dec. 31, 2020	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,896			1,896
Restricted stock issuance, net of forfeitures	(139)			(139)
Currency translation adjustment	3,152							3,152
Change in pension liability	77							77
Net loss	(29,663)					(29,663)
Balance at end of period at Mar. 31, 2021	381,559		60	1,244,477	(134,499)	(631,319)		(97,160)
Balance at beginning of period at Dec. 31, 2020	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment	3,218
Change in pension liability	56
Net loss	(51,469)
Balance at end of period at Jun. 30, 2021	361,710		60	1,246,389	(134,499)	(653,125)		(97,115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-13	381,559		60	1,244,477	(134,499)	(631,319)		(97,160)
Balance at beginning of period at Mar. 31, 2021	381,559		60	1,244,477	(134,499)	(631,319)		(97,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,914			1,914
Restricted stock issuance, net of forfeitures	(2)			(2)
Currency translation adjustment	66							66
Change in pension liability	(21)							(21)
Net loss	(21,806)					(21,806)
Balance at end of period at Jun. 30, 2021	361,710		60	1,246,389	(134,499)	(653,125)		(97,115)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU 2016-13	$ 361,710		$ 60	$ 1,246,389	$ (134,499)	$ (653,125)		$ (97,115)

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Forum Energy Technologies, Inc. (the “Company,” "FET," “we,” “our,” or “us”), a Delaware corporation, is a global company serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, Texas with manufacturing, distribution and service facilities strategically located throughout the world. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform with the current year presentation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Company’s 2020 Annual Report on Form 10-K filed with the SEC on March 2, 2021. COVID-19 Impacts The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies which led to significant reductions in demand for crude oil. As a result, many companies in the energy industry have sought protection under Chapter 11 of the U.S. Bankruptcy Code. During the first half of 2021, distribution of vaccines resulted in reopening of certain economies and increasing demand for oil and natural gas. However, ongoing COVID-19 outbreaks and new variants of the virus continue to cause disruptions in global supply chains which have led to inflationary pressures for certain goods and services. We anticipate that our liquidity, financial condition and future results of operations will continue to be impacted by ongoing developments from the COVID-19 pandemic.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. Accounting Standards Adopted in 2021 Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. We adopted this new standard as of January 1, 2021. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those goods or services. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2020 Annual Report on Form 10-K. Disaggregated Revenue Refer to Note 11 Business Segments for disaggregated revenue by product line and geography. Contract Balances Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, we record a contract liability when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales. The following table reflects the changes in our contract assets and contract liabilities balances for the six months ended June 30, 2021 (in thousands): June 30, 2021 December 31, 2020 Increase / (Decrease) $ % Accrued revenue $ 1,205 $ 1,687 Costs and estimated profits in excess of billings 8,879 8,516 Contract assets $ 10,084 $ 10,203 $ (119) (1) % Deferred revenue $ 6,547 $ 7,863 Billings in excess of costs and profits recognized 5,505 1,817 Contract liabilities $ 12,052 $ 9,680 $ 2,372 25 % During the six months ended June 30, 2021, our contract assets decreased by $0.1 million and our contract liabilities increased by $2.4 million due to the timing of billings for significant projects within our Subsea product line. During the six months ended June 30, 2021, we recognized $7.4 million of revenue that was included in the contract liability balance at the beginning of the period.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions 2020 Disposition of ABZ and Quadrant Valves On December 31, 2020, we sold certain assets of our ABZ and Quadrant valve brands for cash consideration of $104.6 million. This transaction was accounted for as a disposition of a business. We recognized a gain on disposition of $88.4 million based on the difference in cash received less $14.9 million of net book value of assets sold and $1.3 million of cash paid in the second quarter 2021 for the net working capital settlement related to this disposition. Pro forma results of operations for this disposition have not been presented because the effects were not material to the consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Our significant components of inventory at June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, 2021 December 31, 2020 Raw materials and parts $ 83,910 $ 151,531 Work in process 17,432 15,946 Finished goods 202,141 229,212 Gross inventories 303,483 396,689 Inventory reserve (75,496) (144,942) Inventories $ 227,987 $ 251,747

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 268,870 $ (126,066) $ 142,804 10 - 15 Patents and technology 89,229 (27,044) 62,185 5 - 19 Non-compete agreements 190 (155) 35 2 - 6 Trade names 42,988 (24,191) 18,797 7 - 19 Trademarks 5,089 (1,272) 3,817 15 Intangible Assets Total $ 406,366 $ (178,728) $ 227,638 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 272,470 $ (121,294) $ 151,176 10 - 15 Patents and technology 89,626 (24,440) 65,186 5 - 19 Non-compete agreements 190 (137) 53 2 - 6 Trade names 42,984 (22,941) 20,043 7 - 19 Trademarks 5,089 (1,103) 3,986 15 Intangible Assets Total $ 410,359 $ (169,915) $ 240,444

Impairments of Long-Lived Asset

Impairments of Long-Lived Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairments of Long-Lived Assets	Impairments of Long-Lived Assets Long-lived assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. During the six months ended June 30, 2021, there were no impairments of long-lived assets. During the six months ended June 30, 2020, the COVID-19 pandemic and associated preventative actions taken around the world to mitigate its spread caused oil demand to deteriorate and economic activity to decrease. As a result, oil prices declined significantly during the period and created an extremely challenging market for all sub-sectors of the oil and natural gas industry. In addition, responses to the spread of COVID-19, including significant government restrictions on movement, resulted in sharp declines in global economic activity. As a result, during the six months ended June 30, 2020, we determined that certain long-lived assets were impaired as their carrying values exceeded their fair values. The amount of the impairment charges were measured as the difference between the carrying value and the estimated fair value of the assets. The fair value was determined either through analysis of discounted future cash flows or, for certain real estate, based on a third party's sales price estimate (classified within level 3 of the fair value hierarchy). Following is a summary of impairment charges recognized in our segments during the six months ended June 30, 2020 (in thousands): Impairments of: Drilling & Downhole Completions Production Total Impairments Property and equipment (1) 1,068 9,608 1,498 12,174 Intangible assets (2) 5,258 — — 5,258 Operating lease right of use assets (3) 1,284 6,139 1,915 9,338 Total impairments $ 7,610 $ 15,747 $ 3,413 $ 26,770 (1) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss. (2) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss and primarily include customer relationships, technology and distributor relationships. (3) $8.6 million of these charges are included in Cost of sales and $0.7 million are included in Selling, general and administrative expenses

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Notes payable and lines of credit as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 2025 Notes 258,837 316,863 Unamortized debt discount (22,348) (30,248) Debt issuance cost (5,486) (7,318) Credit Facility — 13,126 Other debt 1,717 2,272 Total debt 232,720 294,695 Less: current maturities (1,024) (1,322) Long-term debt $ 231,696 $ 293,373 2025 Notes In August 2020, we exchanged $315.5 million principal amount of our previous 6.25% unsecured notes due 2021 (“2021 Notes”) for new 9.00% convertible secured notes due August 2025 (the “2025 Notes”). This transaction was accounted for as an extinguishment of the 2021 Notes with the new 2025 Notes recorded at fair value on the transaction date. We estimated the fair value of the 2025 Notes to be $282.6 million at the issuance date, resulting in a $32.9 million discount (“Debt Discount”) at issuance. As a result, we recognized a $28.7 million gain on extinguishment of debt that reflects the difference in the $314.8 million net carrying value of the 2021 Notes exchanged, including debt issuance costs and unamortized debt premium, less the $282.6 million estimated fair value of 2025 Notes and a $3.5 million early participation fee paid to bondholders that participated in the exchange. The Debt Discount is being amortized as non-cash interest expense over the term of the 2025 Notes using the effective interest method. The 2025 Notes pay interest at the rate of 9.00%, of which 6.25% is payable in cash and 2.75% is payable in cash or additional notes, at the Company’s option. The 2025 Notes are secured by a first lien on substantially all of the Company’s assets, except for Credit Facility priority collateral, which secures the 2025 Notes on a second lien basis. A portion of the 2025 Notes, initially equal to $150.0 million total principal amount, is mandatorily convertible into shares of our common stock at a conversion rate of 37.0370 shares per $1,000 principal amount of 2025 Notes converted, equivalent to a conversion price of $27.00 per share, subject, however, to the condition that the average of the daily trading prices for the common stock over the preceding 20-trading day period is at least $30.00 per share. Holders of the 2025 Notes also have optional conversion rights in the event that the Company elects to redeem the 2025 Notes in cash and at the final maturity of the new notes. Any interest that the Company elects to pay in additional notes are also subject to the mandatory and optional conversion rights. During the six months ended June 30, 2021, we repurchased an aggregate $58.0 million of principal amount of our 2025 Notes for $56.7 million. The net carrying value of the extinguished debt, including unamortized debt discount and debt issuance costs, was $51.6 million, resulting in a $5.1 million loss on extinguishment of debt. Credit Facility In connection with the issuance of the 2025 Notes, we amended our senior secured revolving credit facility ("Credit Facility"). Following such amendment, our Credit Facility provides revolving credit commitments of $250.0 million (with a sublimit of up to $45.0 million available for the issuance of letters of credit for the account of the Company and certain of its domestic subsidiaries) (the “U.S. Line”), of which up to $25.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $3.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Such eligible accounts receivable and eligible inventory serve as priority collateral for the Credit Facility, which is also secured on a second lien basis by substantially all of the Company's other assets. The amount of eligible inventory included in the borrowing base is restricted to the lesser of $130.0 million (subject to a quarterly reduction of $0.5 million that started on October 1, 2020) and 80.0% of the total borrowing base. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of June 30, 2021, our total borrowing base was $140.6 million, of which no amounts were drawn and $14.8 million was used for security of outstanding letters of credit, resulting in remaining availability of $125.8 million. Borrowings under the U.S. line bear interest at a rate equal to, at our option, either (a) the LIBOR rate, subject to a floor of 0.75%, plus a margin of 2.50% or (b) a base rate plus a margin of 1.50%. The U.S. line base rate is determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted LIBOR plus 1.00% per annum, and (iii) the rate of interest announced, from time to time, by Wells Fargo at its principal office in San Francisco as its prime rate, subject to a floor of 0.75%. Borrowings under the Canadian Line bear interest at a rate equal to, at Forum Canada’s option, either (a) the CDOR rate, subject to a floor of 0.75%, plus a margin of 2.50% or (b) a base rate plus a margin of 1.50%. The Canadian line base rate is determined by reference to the greater of (i) the one-month CDOR rate plus 1.00% and (ii) the prime rate for Canadian dollar commercial loans made in Canada as reported by Thomson Reuters, subject to a floor of 0.75%. The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of commitments if average usage of the Credit Facility is less than or equal to 50%. The Credit Facility is currently scheduled to mature on October 30, 2022. If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $31.3 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such thresholds for at least 60 consecutive days. Furthermore, the Credit Facility includes an obligation to prepay outstanding loans with cash on hand in excess of certain thresholds and includes a cross-default to the 2025 Notes. Deferred Loan Costs We have incurred loan costs that have been deferred and are amortized to interest expense over the term of the 2025 Notes and the Credit Facility. In the first quarter of 2020, we wrote-off $1.8 million of deferred loan costs for the termination of previous discussions related to a potential exchange offer for our 2021 Notes. Other Debt Other debt consists primarily of various finance leases of equipment. Letters of Credit and Guarantees We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. We had $14.8 million and $15.6 million in total outstanding letters of credit as of June 30, 2021 and December 31, 2020, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, our income tax expense or benefit is computed based on our estimated annual effective tax rate and any discrete items that impact the interim periods. For the three and six months ended June 30, 2021, we recorded a tax expense of $1.2 million and $2.9 million, respectively, compared to a tax benefit of $0.4 million and $14.8 million for the three and six months ended June 30, 2020, respectively. The estimated annual effective tax rates for the six months ended June 30, 2021 and 2020 were impacted by losses in jurisdictions where the recording of a tax benefit is not available. Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction. The tax benefit for the six months ended June 30, 2020 includes a $16.6 million benefit related to a carryback claim for U.S. federal tax losses based on provisions in the U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020. The CARES Act provided relief to corporate taxpayers by permitting a five-year carryback of 2018-2020 NOLs, increased the 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerated refunds for minimum tax credit carryforwards, among other provisions. The tax effects of changes in tax laws are recognized in the period in which the law is enacted.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had zero and $13.1 million of borrowings outstanding under the Credit Facility as of June 30, 2021 and December 31, 2020, respectively. The Credit Facility incurs interest at a variable interest rate, and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of our 2025 Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At June 30, 2021, the fair value and the carrying value of our 2025 Notes approximated $257.0 million and $231.0 million, respectively. At December 31, 2020, the fair value and the carrying value of our 2025 Notes approximated $200.3 million and $279.3 million, respectively. There were no other outstanding financial assets as of June 30, 2021 and December 31, 2020 that required measuring the amounts at fair value. We did not change our valuation techniques associated with recurring fair value measurements from prior periods, and there were no transfers between levels of the fair value hierarchy during the six months ended June 30, 2021.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segments	Business Segments The Company reports results of operations in the following three reporting segments: Drilling & Downhole, Completions and Production. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Drilling & Downhole $ 61,570 $ 47,183 110,226 123,826 Completions 46,516 17,583 84,359 68,406 Production 29,337 48,597 57,368 104,202 Eliminations (3) (88) (16) (527) Total revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907 Operating loss Drilling & Downhole $ 2,701 $ (9,399) $ (1,805) $ (13,544) Completions (370) (17,813) (302) (35,131) Production (4,041) (1,057) (7,882) (9,236) Corporate (8,270) (7,191) (15,280) (15,620) Segment operating loss (9,980) (35,460) (25,269) (73,531) Impairments of intangible assets, property and equipment — 112 — 17,432 Gain on disposal of assets and other (360) (550) (1,269) (534) Operating loss $ (9,620) $ (35,022) $ (24,000) $ (90,429) A summary of consolidated assets by reportable segment is as follows (in thousands): June 30, 2021 December 31, 2020 Drilling & Downhole $ 316,630 $ 314,375 Completions 350,102 356,645 Production 86,186 92,949 Corporate 51,243 125,957 Total assets $ 804,161 $ 889,926 Corporate assets primarily include cash and certain prepaid assets. The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Drilling Technologies $ 27,624 $ 19,971 $ 46,144 $ 56,609 Downhole Technologies 16,613 12,673 31,706 37,624 Subsea Technologies 17,333 14,539 32,376 29,593 Stimulation and Intervention 24,354 8,520 43,056 32,996 Coiled Tubing 22,162 9,063 41,303 35,410 Production Equipment 17,399 19,430 31,793 38,179 Valve Solutions 11,938 29,167 25,575 66,023 Eliminations (3) (88) (16) (527) Total revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907 The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 United States $ 77,400 $ 70,296 $ 145,714 $ 194,186 Canada 10,120 11,599 19,081 19,551 Europe & Africa 15,563 8,458 28,227 19,604 Middle East 11,939 10,007 22,280 23,147 Asia-Pacific 14,915 4,030 23,795 22,823 Latin America 7,483 8,885 12,840 16,596 Total Revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is, and in the future could be, involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at June 30, 2021 and December 31, 2020, respectively, are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.For further disclosure regarding certain litigation matters, refer to Note 13 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2020 Annual Report on Form 10-K filed with the SEC on March 2, 2021. There have been no material changes related to these matters during the six months ended June 30, 2021.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Net loss $ (21,806) $ (5,494) (51,469) (42,638) Basic - weighted average shares outstanding 5,638 5,580 5,625 5,569 Dilutive effect of stock options and restricted stock — — — — Dilutive effect of convertible notes due 2025 — — — — Diluted - weighted average shares outstanding 5,638 5,580 5,625 5,569 Loss per share Basic $ (3.87) $ (0.98) $ (9.15) $ (7.66) Diluted $ (3.87) $ (0.98) $ (9.15) $ (7.66) For all periods presented, we excluded all potentially dilutive restricted shares, stock options and the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock-based compensation During the six months ended June 30, 2021, the Company granted 73,839 restricted stock units that vest ratably over three years. The Company also granted 66,524 contingent restricted stock units that vest ratably over three years dependent upon achieving a minimum stock price of $23.49 for 20 trading days during each performance period. Liability-classified awards During the six months ended June 30, 2021, the Company granted 66,524 cash-settled phantom stock units that vest ratably over three years. These awards have a maximum payout that is calculated based on five times the stock price on the date of grant. The Company also granted 73,839 cash-settled contingent phantom stock units that vest ratably over three years dependent upon achieving a minimum stock price of $23.49 for 20 trading days during each performance period. These awards also have a maximum payout that is calculated based on five times the stock price on the date of grant. Reverse stock split In order to bring the Company into compliance with the listing requirements of the New York Stock Exchange, our Board of Directors approved a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, par value $0.01 per share, accompanied by a corresponding decrease in the Company’s authorized shares of common stock. The Company's stockholders previously approved the Reverse Stock Split at the annual meeting of stockholders on May 12, 2020.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from certain affiliates of certain directors. The dollar amounts of these related party activities are not significant to the Company’s unaudited condensed consolidated financial statements.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. Accounting Standards Adopted in 2021 Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. We adopted this new standard as of January 1, 2021. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Changes in Contract Assets and Contract Liabilities	The following table reflects the changes in our contract assets and contract liabilities balances for the six months ended June 30, 2021 (in thousands): June 30, 2021 December 31, 2020 Increase / (Decrease) $ % Accrued revenue $ 1,205 $ 1,687 Costs and estimated profits in excess of billings 8,879 8,516 Contract assets $ 10,084 $ 10,203 $ (119) (1) % Deferred revenue $ 6,547 $ 7,863 Billings in excess of costs and profits recognized 5,505 1,817 Contract liabilities $ 12,052 $ 9,680 $ 2,372 25 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Our significant components of inventory at June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, 2021 December 31, 2020 Raw materials and parts $ 83,910 $ 151,531 Work in process 17,432 15,946 Finished goods 202,141 229,212 Gross inventories 303,483 396,689 Inventory reserve (75,496) (144,942) Inventories $ 227,987 $ 251,747

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	Intangible assets consisted of the following as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, 2021 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 268,870 $ (126,066) $ 142,804 10 - 15 Patents and technology 89,229 (27,044) 62,185 5 - 19 Non-compete agreements 190 (155) 35 2 - 6 Trade names 42,988 (24,191) 18,797 7 - 19 Trademarks 5,089 (1,272) 3,817 15 Intangible Assets Total $ 406,366 $ (178,728) $ 227,638 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Intangibles Amortization Period (In Years) Customer relationships $ 272,470 $ (121,294) $ 151,176 10 - 15 Patents and technology 89,626 (24,440) 65,186 5 - 19 Non-compete agreements 190 (137) 53 2 - 6 Trade names 42,984 (22,941) 20,043 7 - 19 Trademarks 5,089 (1,103) 3,986 15 Intangible Assets Total $ 410,359 $ (169,915) $ 240,444

Impairments of Long-Lived Ass_2

Impairments of Long-Lived Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impairment of Long-Lived Assets	Following is a summary of impairment charges recognized in our segments during the six months ended June 30, 2020 (in thousands): Impairments of: Drilling & Downhole Completions Production Total Impairments Property and equipment (1) 1,068 9,608 1,498 12,174 Intangible assets (2) 5,258 — — 5,258 Operating lease right of use assets (3) 1,284 6,139 1,915 9,338 Total impairments $ 7,610 $ 15,747 $ 3,413 $ 26,770 (1) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss. (2) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss and primarily include customer relationships, technology and distributor relationships. (3) $8.6 million of these charges are included in Cost of sales and $0.7 million are included in Selling, general and administrative expenses

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Notes payable and lines of credit as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 2025 Notes 258,837 316,863 Unamortized debt discount (22,348) (30,248) Debt issuance cost (5,486) (7,318) Credit Facility — 13,126 Other debt 1,717 2,272 Total debt 232,720 294,695 Less: current maturities (1,024) (1,322) Long-term debt $ 231,696 $ 293,373

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Income Statement by Segment	Summary financial data by segment follows (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Drilling & Downhole $ 61,570 $ 47,183 110,226 123,826 Completions 46,516 17,583 84,359 68,406 Production 29,337 48,597 57,368 104,202 Eliminations (3) (88) (16) (527) Total revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907 Operating loss Drilling & Downhole $ 2,701 $ (9,399) $ (1,805) $ (13,544) Completions (370) (17,813) (302) (35,131) Production (4,041) (1,057) (7,882) (9,236) Corporate (8,270) (7,191) (15,280) (15,620) Segment operating loss (9,980) (35,460) (25,269) (73,531) Impairments of intangible assets, property and equipment — 112 — 17,432 Gain on disposal of assets and other (360) (550) (1,269) (534) Operating loss $ (9,620) $ (35,022) $ (24,000) $ (90,429) A summary of consolidated assets by reportable segment is as follows (in thousands): June 30, 2021 December 31, 2020 Drilling & Downhole $ 316,630 $ 314,375 Completions 350,102 356,645 Production 86,186 92,949 Corporate 51,243 125,957 Total assets $ 804,161 $ 889,926
Schedule of Disaggregation of Revenue	The following table presents our revenues disaggregated by product line (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Drilling Technologies $ 27,624 $ 19,971 $ 46,144 $ 56,609 Downhole Technologies 16,613 12,673 31,706 37,624 Subsea Technologies 17,333 14,539 32,376 29,593 Stimulation and Intervention 24,354 8,520 43,056 32,996 Coiled Tubing 22,162 9,063 41,303 35,410 Production Equipment 17,399 19,430 31,793 38,179 Valve Solutions 11,938 29,167 25,575 66,023 Eliminations (3) (88) (16) (527) Total revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907
Schedule of Revenue by Geography	The following table presents our revenues disaggregated by geography (in thousands): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 United States $ 77,400 $ 70,296 $ 145,714 $ 194,186 Canada 10,120 11,599 19,081 19,551 Europe & Africa 15,563 8,458 28,227 19,604 Middle East 11,939 10,007 22,280 23,147 Asia-Pacific 14,915 4,030 23,795 22,823 Latin America 7,483 8,885 12,840 16,596 Total Revenue $ 137,420 $ 113,275 $ 251,937 $ 295,907

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2021 2020 2021 2020 Net loss $ (21,806) $ (5,494) (51,469) (42,638) Basic - weighted average shares outstanding 5,638 5,580 5,625 5,569 Dilutive effect of stock options and restricted stock — — — — Dilutive effect of convertible notes due 2025 — — — — Diluted - weighted average shares outstanding 5,638 5,580 5,625 5,569 Loss per share Basic $ (3.87) $ (0.98) $ (9.15) $ (7.66) Diluted $ (3.87) $ (0.98) $ (9.15) $ (7.66)

Revenue - Schedule of Changes i

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 1,205	$ 1,687
Costs and estimated profits in excess of billings	8,879	8,516
Contract assets	10,084	10,203
Decrease in contract with customer assets	$ (119)
Decrease in contract with customer asset, percentage	(1.00%)
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 6,547	7,863
Billings in excess of costs and profits recognized	5,505	1,817
Contract liabilities	12,052	$ 9,680
Increase in contract with customer liabilities	$ 2,372
Increase in contract with customer liability, percentage	25.00%

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Decrease in contract with customer assets	$ (119)
Increase in contract with customer liabilities	2,372
Revenue recognized	$ 7,400
Contract with customer, contract duration	1 year

Dispositions - Narrative (Detai

Dispositions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets	$ 889,926	$ 804,161	$ 804,161
Cash paid for net working capital settlement related to disposition			$ 1,283	$ 0
ABZ and Quadrant Valves | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for disposal group	104,600
Gain on disposition of business	88,400
Assets	$ 14,900
Cash paid for net working capital settlement related to disposition		$ 1,300

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and parts	$ 83,910	$ 151,531
Work in process	17,432	15,946
Finished goods	202,141	229,212
Gross inventories	303,483	396,689
Inventory reserve	(75,496)	(144,942)
Inventories	$ 227,987	$ 251,747

Intangible Assets - Finite-Live

Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (178,728)	$ (169,915)
Gross Carrying Amount	406,366	410,359
Net Intangibles	227,638	240,444
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	268,870	272,470
Accumulated Amortization	(126,066)	(121,294)
Net Intangibles	142,804	151,176
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	89,229	89,626
Accumulated Amortization	(27,044)	(24,440)
Net Intangibles	62,185	65,186
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	190	190
Accumulated Amortization	(155)	(137)
Net Intangibles	35	53
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	42,988	42,984
Accumulated Amortization	(24,191)	(22,941)
Net Intangibles	18,797	20,043
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,089	5,089
Accumulated Amortization	(1,272)	(1,103)
Net Intangibles	$ 3,817	$ 3,986
Amortization period	15 years	15 years
Minimum | Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Minimum | Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	5 years	5 years
Minimum | Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	2 years	2 years
Minimum | Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	7 years	7 years
Maximum | Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Maximum | Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Maximum | Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	6 years	6 years
Maximum | Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Impairments of Long-Lived Ass_3

Impairments of Long-Lived Assets - Schedule of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges	$ 0	$ 112	$ 0	$ 17,432
Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				12,174
Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				5,258
Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				9,338
Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				26,770
Drilling & Downhole | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				7,610
Drilling & Downhole | Operating Segments | Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				1,068
Drilling & Downhole | Operating Segments | Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				5,258
Drilling & Downhole | Operating Segments | Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				1,284
Completions | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				15,747
Completions | Operating Segments | Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				9,608
Completions | Operating Segments | Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				0
Completions | Operating Segments | Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				6,139
Production | Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				3,413
Production | Operating Segments | Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				1,498
Production | Operating Segments | Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				0
Production | Operating Segments | Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges				$ 1,915

Impairments of Long-Lived Ass_4

Impairments of Long-Lived Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets	$ 0	$ 9,338
Cost of Sales
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		8,600
Selling, General and Administrative Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		$ 700

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 232,720,000	$ 294,695,000
Unamortized debt discount	(22,348,000)	(30,248,000)
Debt issuance cost	(5,486,000)	(7,318,000)
Less: current maturities	(1,024,000)	(1,322,000)
Long-term debt, net of current portion	231,696,000	293,373,000
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	258,837,000	316,863,000	$ 282,600,000
Unamortized debt discount			$ (32,900,000)
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	1,717,000	2,272,000
2017 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 13,126,000

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	3 Months Ended			6 Months Ended
	Aug. 31, 2020USD ($)d$ / sharesshares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 232,720,000			$ 232,720,000		$ 294,695,000
Unamortized debt discount		22,348,000			22,348,000		30,248,000
Gain (loss) on extinguishment of debt		(4,161,000)	$ 36,285,000		(5,094,000)	$ 43,744,000
Bond exchange early participant payment					3,500,000
Borrowings on credit facility					0	85,000,000
Deferred loan costs written off					0	$ 1,959,000
Outstanding letters of credit		14,800,000			14,800,000		15,600,000
2025 Notes
Debt Instrument [Line Items]
Face amount	$ 315,500,000	150,000,000			150,000,000
Debt conversion, interest rate of debt	9.00%
Long-term debt, gross	$ 282,600,000	258,837,000			258,837,000		316,863,000
Unamortized debt discount	32,900,000
Gain (loss) on extinguishment of debt	28,700,000
Long-term debt	$ 314,800,000
Debt conversion, percent payable in cash	6.25%
Debt conversion, percent payable in cash or additional notes	2.75%
Debt conversion shares amount | shares	37.0370
Debt conversion amount	$ 1,000
Conversion price (in usd per share) | $ / shares	$ 27
Threshold trading days | d	20
Trading period conversion price (in dollars per share) | $ / shares	$ 30
Debt repurchased face amount		58,000,000			58,000,000
Debt repurchase amount		56,700,000			56,700,000
2021 Notes
Debt Instrument [Line Items]
Debt conversion, interest rate of debt	6.25%
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount		51,600,000			51,600,000
Gain (loss) on extinguishment of debt					(5,100,000)
Deferred loan costs written off				$ 1,800,000
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		$ 125,800,000			$ 125,800,000
Percentage of borrowing base		50.00%			50.00%
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000,000
Credit Facility | Foreign Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 45,000,000			$ 45,000,000
Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		25,000,000			25,000,000
Credit Facility | Letter of Credit | Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		3,000,000			3,000,000
80% of Borrowing Base | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		130,000,000			130,000,000
Current borrowing capacity quarterly reduction		500,000			$ 500,000
Borrowing base percentage					80.00%
2017 Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage					0.375%
2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage					0.50%
2017 Credit Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		0			$ 0		$ 13,126,000
Line of credit facility, current borrowing capacity		140,600,000			140,600,000
Borrowings on credit facility					0
2017 Credit Facility | Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding		14,800,000			14,800,000
12.5% of Borrowing Base | Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 31,300,000			$ 31,300,000
Percentage of borrowing base		12.50%			12.50%
Interest Rate Floor | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					0.75%
London Interbank Offered Rate (LIBOR) | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					2.50%
London Interbank Offered Rate (LIBOR) | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					1.00%
Base Rate | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					1.50%
Federal Funds Effective Swap Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					0.50%
CDOR Rate | 2017 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread					1.00%
Minimum | Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio					1
Fixed charge coverage ratio consecutive days threshold					60 days

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,189	$ (424)	$ 2,907	$ (14,774)
Carryback claim for CARES Act				$ 16,600

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Aug. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 232,720,000	$ 294,695,000
Fair value of financial assets amount outstanding	0	0
2025 Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	258,837,000	316,863,000	$ 282,600,000
2025 Notes | Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	231,000,000	279,300,000
Fair value	257,000,000	200,300,000
2017 Credit Facility | Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 0	$ 13,126,000

Business Segments - Income Stat

Business Segments - Income Statement by Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Total revenue	$ 137,420	$ 113,275	$ 251,937	$ 295,907
Segment operating loss	(9,620)	(35,022)	(24,000)	(90,429)
Gain on disposal of assets and other	(360)	(550)	(1,269)	(534)
Operating Segments
Segment Reporting Information [Line Items]
Segment operating loss	(9,980)	(35,460)	(25,269)	(73,531)
Operating Segments | Drilling & Downhole
Segment Reporting Information [Line Items]
Total revenue	61,570	47,183	110,226	123,826
Segment operating loss	2,701	(9,399)	(1,805)	(13,544)
Operating Segments | Completions
Segment Reporting Information [Line Items]
Total revenue	46,516	17,583	84,359	68,406
Segment operating loss	(370)	(17,813)	(302)	(35,131)
Operating Segments | Production
Segment Reporting Information [Line Items]
Total revenue	29,337	48,597	57,368	104,202
Segment operating loss	(4,041)	(1,057)	(7,882)	(9,236)
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(3)	(88)	(16)	(527)
Corporate
Segment Reporting Information [Line Items]
Segment operating loss	(8,270)	(7,191)	(15,280)	(15,620)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Impairments of intangible assets, property and equipment	0	112	0	17,432
Gain on disposal of assets and other	$ (360)	$ (550)	$ (1,269)	$ (534)

Business Segments - Assets by S

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 804,161	$ 889,926
Operating Segments | Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	316,630	314,375
Operating Segments | Completions
Segment Reporting Information [Line Items]
Assets	350,102	356,645
Operating Segments | Production
Segment Reporting Information [Line Items]
Assets	86,186	92,949
Corporate
Segment Reporting Information [Line Items]
Assets	$ 51,243	$ 125,957

Business Segments - Schedule of

Business Segments - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 137,420	$ 113,275	$ 251,937	$ 295,907
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(3)	(88)	(16)	(527)
Drilling Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	27,624	19,971	46,144	56,609
Downhole Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	16,613	12,673	31,706	37,624
Subsea Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	17,333	14,539	32,376	29,593
Stimulation and Intervention | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	24,354	8,520	43,056	32,996
Coiled Tubing | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	22,162	9,063	41,303	35,410
Production Equipment | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	17,399	19,430	31,793	38,179
Valve Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,938	$ 29,167	$ 25,575	$ 66,023

Business Segments - Schedule _2

Business Segments - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 137,420	$ 113,275	$ 251,937	$ 295,907
United States
Segment Reporting Information [Line Items]
Total revenue	77,400	70,296	145,714	194,186
Canada
Segment Reporting Information [Line Items]
Total revenue	10,120	11,599	19,081	19,551
Europe & Africa
Segment Reporting Information [Line Items]
Total revenue	15,563	8,458	28,227	19,604
Middle East
Segment Reporting Information [Line Items]
Total revenue	11,939	10,007	22,280	23,147
Asia-Pacific
Segment Reporting Information [Line Items]
Total revenue	14,915	4,030	23,795	22,823
Latin America
Segment Reporting Information [Line Items]
Total revenue	$ 7,483	$ 8,885	$ 12,840	$ 16,596

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (21,806)	$ (29,663)	$ (5,494)	$ (37,144)	$ (51,469)	$ (42,638)
Basic - weighted average shares outstanding	5,638		5,580		5,625	5,569
Dilutive effect of stock options and restricted stock (in shares)	0		0		0	0
Dilutive effect of convertible notes due 2025 (in shares)	0		0		0	0
Diluted - weighted average shares outstanding	5,638		5,580		5,625	5,569
Loss per share
Basic (in USD per share)	$ (3.87)		$ (0.98)		$ (9.15)	$ (7.66)
Diluted (in USD per share)	$ (3.87)		$ (0.98)		$ (9.15)	$ (7.66)

Stockholders' Equity (Details)

Stockholders' Equity (Details)	May 12, 2020shares	Jun. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio	0.05
Common Stock, par value (in USD per share) | $ / shares		$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	296,000,000	14,800,000	14,800,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		73,839
Award vesting period		3 years
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		66,524
Award vesting period		3 years
Trading days		20 days
Contingent Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) | $ / shares		$ 23.49
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		66,524
Award vesting period		3 years
Maximum payout ratio		5
Contingent Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)		73,839
Award vesting period		3 years
Trading days		20 days
Maximum payout ratio		5
Contingent Phantom Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) | $ / shares		$ 23.49

Uncategorized Items - fet-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]