Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-16337 | ||
Entity Registrant Name | Oil States International, Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 76-0476605 | ||
Entity Address, Address Line One | Three Allen Center, 333 Clay Street | ||
Entity Address, Address Line Two | Suite 4620 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77002 | ||
City Area Code | 713 | ||
Local Phone Number | 652-0582 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | OIS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 453,129,175 | ||
Entity Common Stock, Shares Outstanding (in shares) | 63,582,041 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10‑K, are incorporated by reference into Part III of this Annual Report on Form 10‑K. | ||
Entity Central Index Key | 0001121484 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Revenues | $ 782,283 | $ 737,706 | $ 573,161 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 606,888 | 578,556 | 470,396 |
Selling, general and administrative expense | 94,185 | 96,038 | 83,692 |
Depreciation and amortization expense | 60,778 | 67,334 | 80,741 |
Impairments of fixed and lease assets | 0 | 0 | 4,166 |
Other operating income, net | (2,732) | (7,127) | (1,042) |
Costs and expenses | 759,119 | 734,801 | 637,953 |
Operating income (loss) | 23,164 | 2,905 | (64,792) |
Interest expense | (9,570) | (10,571) | (10,328) |
Interest income | 1,381 | 291 | 158 |
Other income, net | 849 | 3,315 | 1,628 |
Income (loss) before income taxes | 15,824 | (4,060) | (73,334) |
Income tax (provision) benefit | (2,933) | (5,480) | 9,341 |
Net income (loss) | $ 12,891 | $ (9,540) | $ (63,993) |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.20 | $ (0.15) | $ (1.06) |
Diluted (in dollars per share) | $ 0.20 | $ (0.15) | $ (1.06) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 62,690 | 61,638 | 60,293 |
Diluted (in shares) | 63,152 | 61,638 | 60,293 |
Products | |||
Revenues: | |||
Revenues | $ 418,550 | $ 385,564 | $ 299,293 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | 328,815 | 307,371 | 246,589 |
Services | |||
Revenues: | |||
Revenues | 363,733 | 352,142 | 273,868 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation and amortization expense presented below) | $ 278,073 | $ 271,185 | $ 223,807 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 12,891 | $ (9,540) | $ (63,993) |
Other comprehensive income (loss): | |||
Currency translation adjustments | 8,957 | (12,977) | (4,044) |
Release of currency translation adjustments on liquidation of an international operation | 0 | 0 | 9,320 |
Other | 0 | 67 | 78 |
Total other comprehensive income (loss) | 8,957 | (12,910) | 5,354 |
Comprehensive income (loss) | $ 21,848 | $ (22,450) | $ (58,639) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 47,111 | $ 42,018 |
Accounts receivable, net | 203,211 | 218,769 |
Inventories, net | 202,027 | 182,658 |
Prepaid expenses and other current assets | 35,648 | 19,317 |
Total current assets | 487,997 | 462,762 |
Property, plant, and equipment, net | 280,389 | 303,835 |
Operating lease assets, net | 21,970 | 23,028 |
Goodwill, net | 79,867 | 79,282 |
Other intangible assets, net | 153,010 | 169,798 |
Other noncurrent assets | 23,253 | 25,687 |
Total assets | 1,046,486 | 1,064,392 |
Current liabilities: | ||
Current portion of long-term debt | 627 | 17,831 |
Accounts payable | 67,546 | 73,251 |
Accrued liabilities | 44,227 | 49,057 |
Current operating lease liabilities | 6,880 | 6,142 |
Income taxes payable | 1,233 | 2,605 |
Deferred revenue | 36,757 | 44,790 |
Total current liabilities | 157,270 | 193,676 |
Long-term debt | 135,502 | 135,066 |
Long-term operating lease liabilities | 18,346 | 20,658 |
Deferred income taxes | 7,717 | 6,652 |
Other noncurrent liabilities | 18,106 | 18,782 |
Total liabilities | 336,941 | 374,834 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 200,000,000 shares authorized, 77,218,765 shares and 76,587,920 shares issued, respectively | 772 | 766 |
Additional paid-in capital | 1,129,240 | 1,122,292 |
Retained earnings | 284,918 | 272,027 |
Accumulated other comprehensive loss | (69,984) | (78,941) |
Treasury stock, at cost, 13,892,049 and 12,684,101 shares, respectively | (635,401) | (626,586) |
Total stockholders’ equity | 709,545 | 689,558 |
Total liabilities and stockholders’ equity | $ 1,046,486 | $ 1,064,392 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, shares issued (in shares) | 77,218,765 | 76,587,920 | 73,900,000 |
Treasury stock, shares (in shares) | 13,892,049 | 12,684,101 | 12,522,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance at Dec. 31, 2020 | $ 757,631 | $ (9,450) | $ 733 | $ 1,122,945 | $ (25,683) | $ 329,327 | $ 16,233 | $ (71,385) | $ (623,989) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (63,993) | (63,993) | |||||||
Currency translation adjustments (excluding intercompany advances) | (1,096) | (1,096) | |||||||
Currency translation adjustments on intercompany advances | (2,948) | (2,948) | |||||||
Release of currency translation adjustments on liquidation of an international operation | 9,320 | 9,320 | |||||||
Other comprehensive income | 78 | 78 | |||||||
Stock-based compensation expense | 7,879 | 6 | 7,873 | ||||||
Surrender of stock to settle taxes on stock awards | (1,595) | (1,595) | |||||||
Ending balance at Dec. 31, 2021 | 695,826 | 739 | 1,105,135 | 281,567 | (66,031) | (625,584) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (9,540) | (9,540) | |||||||
Currency translation adjustments (excluding intercompany advances) | (15,258) | (15,258) | |||||||
Currency translation adjustments on intercompany advances | 2,281 | 2,281 | |||||||
Release of currency translation adjustments on liquidation of an international operation | 0 | ||||||||
Other comprehensive income | 67 | 67 | |||||||
Issuance of common stock in connection with settlement of disputes with seller of GEODynamics, Inc. | 10,332 | 19 | 10,313 | ||||||
Stock-based compensation expense | 6,852 | 8 | 6,844 | ||||||
Surrender of stock to settle taxes on stock awards | (1,002) | (1,002) | |||||||
Ending 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 | 12,891 | 12,891 | |||||||
Currency translation adjustments (excluding intercompany advances) | 6,822 | 6,822 | |||||||
Currency translation adjustments on intercompany advances | 2,135 | 2,135 | |||||||
Release of currency translation adjustments on liquidation of an international operation | 0 | ||||||||
Other comprehensive income | 0 | ||||||||
Stock-based compensation expense | 6,954 | 6 | 6,948 | ||||||
Surrender of stock to settle taxes on stock awards | (1,948) | (1,948) | |||||||
Stock repurchases | (6,867) | (6,867) | |||||||
Ending balance at Dec. 31, 2023 | $ 709,545 | $ 772 | $ 1,129,240 | $ 284,918 | $ (69,984) | $ (635,401) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 12,891 | $ (9,540) | $ (63,993) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 60,778 | 67,334 | 80,741 |
Impairments of inventories | 0 | 0 | 3,581 |
Impairments of fixed and lease assets | 0 | 0 | 4,166 |
Stock-based compensation expense | 6,954 | 6,852 | 7,879 |
Amortization of deferred financing costs | 1,798 | 1,886 | 2,314 |
Deferred income tax provision | 226 | 2,020 | (8,639) |
Gains on disposals of assets | (4,075) | (2,856) | (6,472) |
Gains on extinguishment of 1.50% convertible senior notes | 0 | (176) | (4,022) |
Release of foreign currency translation adjustments on liquidation of an international operation | 0 | 0 | 9,320 |
Other, net | (1,001) | 2,066 | (511) |
Changes in operating assets and liabilities, net of effect from acquired business: | |||
Accounts receivable | 17,132 | (35,443) | (24,407) |
Inventories | (19,793) | (17,364) | (10,334) |
Accounts payable and accrued liabilities | (11,743) | 18,183 | 17,727 |
Deferred revenue | (8,033) | 1,554 | (148) |
Other operating assets and liabilities, net | 1,441 | (1,654) | (8) |
Net cash flows provided by operating activities | 56,575 | 32,862 | 7,194 |
Cash flows from investing activities: | |||
Capital expenditures | (30,653) | (20,266) | (17,517) |
Proceeds from disposition of property and equipment | 5,253 | 5,877 | 11,527 |
Acquisition of business, net of cash acquired | 0 | (8,125) | 0 |
Other, net | (186) | (211) | (636) |
Net cash flows used in investing activities | (25,586) | (22,725) | (6,626) |
Cash flows from financing activities: | |||
Revolving credit facility borrowings | 35,816 | 10,090 | 12,873 |
Revolving credit facility repayments | (35,816) | (10,090) | (31,873) |
Repayment of 1.50% convertible senior notes | (17,315) | (8,450) | (125,952) |
Issuance of 4.75% convertible senior notes | 0 | 0 | 135,000 |
Payment of promissory note to seller of GEODynamics, Inc. | 0 | (10,000) | 0 |
Other debt and finance lease repayments | (457) | (732) | (230) |
Payment of financing costs | (128) | (105) | (7,791) |
Purchases of treasury stock | (6,867) | 0 | 0 |
Shares added to treasury stock as a result of net share settlements due to vesting of stock awards | (1,948) | (1,002) | (1,595) |
Net cash flows used in financing activities | (26,715) | (20,289) | (19,568) |
Effect of exchange rate changes on cash and cash equivalents | 819 | (682) | (159) |
Net change in cash and cash equivalents | 5,093 | (10,834) | (19,159) |
Cash and cash equivalents, beginning of period | 42,018 | 52,852 | 72,011 |
Cash and cash equivalents, end of period | 47,111 | 42,018 | 52,852 |
Cash paid for: | |||
Interest | 7,867 | 8,339 | 6,532 |
Income taxes, net | $ 1,263 | $ 534 | $ 152 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 19, 2021 | Jan. 30, 2018 |
1.5% Convertible Unsecured Senior Notes | |||||
Stated interest rate (as a percent) | 1.50% | 1.50% | 1.50% | 1.50% | |
4.75% Convertible Senior Notes | |||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | 4.75% |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The Consolidated Financial Statements include the accounts of Oil States International, Inc. (“Oil States” or the “Company”) and its consolidated subsidiaries. Investments in unconsolidated affiliates, in which the Company is able to exercise significant influence, are accounted for using the equity method. All significant intercompany accounts and transactions between the Company and its consolidated subsidiaries have been eliminated in the accompanying Consolidated Financial Statements. The presentation of certain prior-year amounts in the Notes to the Company’s Consolidated Financial Statements have been conformed to the current-year presentation. The Company operates through three business segments – Offshore/Manufactured Products, Well Site Services and Downhole Technologies – and, through its subsidiaries, is a leading provider of specialty products and services to oil and gas and industrial companies around the world. The Company operates in a substantial number of the world’s active resource intensive regions, including: onshore and offshore United States, West Africa, the North Sea, the Middle East, South America and Southeast and Central Asia. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 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, revenue and income recognized over time, goodwill and long-lived asset impairments, 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. Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. Fair Value of Financial Instruments 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 (as defined below), on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the 2026 Notes as of December 31, 2023 was $136.3 million based on quoted market prices (a Level 2 fair value measurement), which compares to the principal amount of $135.0 million. Inventories Inventories consist of consumable oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and supplies and are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess and/or obsolete inventory is maintained based on the age, turnover, condition, expected near-term utility and market pricing of the goods. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost, or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under a finance lease, using the straight-line method over the estimated useful lives of the assets, after allowing for estimated salvage value where applicable. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of operations. Goodwill Goodwill represents the excess of the purchase price for acquired businesses over the allocated fair value of related net assets, reduced by historical impairments. In accordance with current accounting guidance, the Company does not amortize goodwill, but rather assesses goodwill for impairment annually (as of December 1) and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable. Following the goodwill impairments recognized by the Company in 2020, only the Offshore/Manufactured Products segment has remaining goodwill. The Company’s December 1, 2023 qualitative assessment identified no events or changes in circumstances which indicated that, more likely than not, the $79.9 million carrying value of goodwill on the balance sheet of the Offshore/Manufactured Products segment was recoverable. The Company’s December 1, 2022 and 2021 quantitative assessments of goodwill for impairment indicated that the fair value of the Offshore/Manufactured Products reporting unit was greater than its carrying amount at each date and no impairments were required in either period. When a quantitative assessment of goodwill is necessary, each reporting unit with goodwill on its balance sheet is assessed separately using relevant events and circumstances. Management estimates the fair value of each reporting unit and compares that fair value to its recorded carrying value. Management utilizes, depending on circumstances, a combination of valuation methodologies including a market approach and an income approach, as well as guideline public company comparables. Projected cash flows are discounted using a long-term weighted average cost of capital for each reporting unit based on estimates of investment returns that would be required by a market participant. As part of the process of assessing goodwill for potential impairment, the total market capitalization of the Company is compared to the sum of the fair values of all reporting units to assess the reasonableness of aggregated fair values. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded based on the excess of the carrying amount over the reporting unit’s fair value. Long-Lived Assets The Company amortizes the cost of long-lived assets, including finite-lived intangible assets, over their estimated useful life. The recoverability of the carrying values of long-lived assets is assessed at the asset group level whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated undiscounted future cash flows. If this assessment indicates that the carrying values will not be recoverable, an impairment loss equal to the excess of the carrying value over the fair value of the asset group is recognized. The fair value of the asset group is based on appraised values, prices of similar assets (if available), or discounted cash flows. As further discussed in Note 5, “Details of Selected Balance Sheet Accounts,” and Note 8, “Operating Leases,” the Company recognized non-cash asset impairment charges totaling $4.2 million in 2021 to reduce the carrying value of certain equipment and facilities (owned and leased) to their estimated realizable value. No additional impairment losses were recorded during the periods presented. Leases The Company leases a portion of its facilities, office space, equipment and vehicles under contracts which provide it with the right to control identified assets. The Company recognizes the right to use identified assets under operating leases (with an initial term of greater than 12 months) as operating lease assets and the related obligations to make payments under the lease arrangements as operating lease liabilities. Finance lease obligations, which are not material, are classified within long-term debt while related assets are included within property, plant and equipment. Lease assets and liabilities are recorded at the commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company’s leases do not provide an implicit interest rate. Therefore, the Company’s incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments. Most of the Company’s operating leases include one or more options to renew, with renewal terms that can extend the lease term from one Research and Development Costs Costs incurred internally in researching and developing products are charged to expense until technological feasibility has been established for the product. Research and development expenses totaled $4.5 million, $3.5 million and $4.4 million in 2023, 2022 and 2021, respectively, and are reported within cost of revenues in the accompanying consolidated statements of operations. Foreign Currency and Other Comprehensive Loss A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. The Company seeks to manage its currency exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce exposure to fluctuations in currency exchange rates, the Company may enter into currency exchange agreements with financial institutions. As of December 31, 2023 and 2022, the Company had no outstanding foreign currency forward purchase contracts. Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a component of accumulated other comprehensive loss within stockholders’ equity and represent substantially all of the accumulated other comprehensive loss balance. Remeasurements of intercompany advances denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a separate component of other comprehensive loss within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany advances that are of a long-term investment nature, are included in the consolidated statements of operations within “other operating income, net” as incurred and were not material during the periods presented. Revenue and Cost Recognition The Company’s revenue contracts may include one or more promises to transfer a distinct good or service to the customer, which is referred to as a “performance obligation,” and to which revenue is allocated. The Company recognizes revenue and the related cost when, or as, the performance obligations are satisfied. The majority of significant contracts for custom engineered products have a single performance obligation as no individual good or service is separately identifiable from other performance obligations in the contracts. For contracts with multiple distinct performance obligations, the Company allocates revenue to the identified performance obligations in the contract. The Company’s product sales terms do not include significant post-performance obligations. The Company’s performance obligations may be satisfied at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 34%, 35% and 35% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. The majority of the Company’s revenue recognized at a point in time is derived from short-term contracts for standard products. Revenue on these contracts is recognized when control over the product has transferred to the customer. Indicators the Company considers in determining when transfer of control to the customer occurs include: right to payment for the product, transfer of legal title to the customer, transfer of physical possession of the product, transfer of risk and customer acceptance of the product. Revenues from products and services transferred to customers over time accounted for approximately 66%, 65% and 65% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. The majority of the Company’s revenue recognized over time is for services provided under short-term contracts, with revenue recognized as the customer receives and consumes the services. In addition, the Company manufactures certain products to individual customer specifications under short-term contracts for which control passes to the customer as the performance obligations are fulfilled and for which revenue is recognized over time. For significant project-related contracts involving custom engineered products within the Offshore/Manufactured Products segment (also referred to as “project-driven products”), revenues are typically recognized over time using an input measure such as the percentage of costs incurred to date relative to total estimated costs at completion for each contract (cost-to-cost method). Contract costs include labor, material and overhead. Management believes this method is the most appropriate measure of progress on large contracts. Billings on such contracts in excess of costs incurred and estimated profits are classified as a contract liability (deferred revenue). Costs incurred and estimated profits in excess of billings on these contracts are recognized as a contract asset (a component of accounts receivable). Contract estimates for project-related contracts involving custom engineered products are based on various assumptions to project the outcome of future events that may span several years. Changes in assumptions that may affect future project costs and margins include production efficiencies, the complexity of the work to be performed and the availability and costs of labor, materials and subcomponents. As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, contract-related estimates are reviewed regularly. The Company recognizes adjustments in estimated costs and profits on contracts in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss will be incurred on the contract, the full loss is recognized in the period it is identified. Product costs and service costs include all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. As disclosed in the consolidated statements of operations, product costs and service costs exclude depreciation and amortization expense and impairment of fixed assets, which are separately presented. Selling, general and administrative costs are charged to expense as incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of products. As of December 31, 2023, the Company had $216.8 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 54% of this remaining backlog is expected to be recognized as revenue in 2024 and the balance thereafter. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. As of December 31, 2023, the Company’s total investment in foreign subsidiaries (except for its Canadian and Cyprus operations) is considered to be permanently reinvested outside of the United States. The Company accounts for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned. The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset will not be realized. This assessment requires analysis of changes in tax laws as well as available positive and negative evidence, including consideration of losses in recent years, reversals of temporary differences, forecasts of future income and assessment of future business and tax planning strategies. During 2023, 2022 and 2021, the Company recorded adjustments to valuation allowances primarily with respect to foreign and U.S. state net operating loss (“NOL”) carryforwards as well as U.S. foreign tax credit carryforwards. The calculation of tax liabilities involves assessing uncertainties regarding the application of complex tax regulations. Uncertain tax positions are accounted for using a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. If management ultimately determines that payment of these amounts is unnecessary, the liability is reversed and a tax benefit is recognized during the period in which management determines that the liability is no longer necessary. An additional charge is recorded as a provision for taxes in the period in which management determines that the recorded tax liability is less than the expected ultimate assessment. Receivables and Concentration of Credit Risk Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. Note 14, “Segments and Related Information,” provides further information with respect to the Company’s geographic revenues and significant customers. The Company evaluates the credit-worthiness of significant customers’ financial condition and, generally, the Company does not require significant collateral from its customers. Allowances for Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of the Company’s customers to make required payments. Determination of the collectability of amounts due from customers requires management to make judgments regarding future events and trends. Allowances for doubtful accounts are established through an assessment of the Company’s portfolio on an individual customer and consolidated basis taking into account current and expected future market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of customer accounts, and financial condition of the Company’s customers as well as political and economic factors in countries of operations and other customer-specific factors. Based on a review of these factors, the Company establishes or adjusts allowances for trade and unbilled receivables as well as contract assets. If the financial condition of the Company’s customers were to deteriorate further, adversely affecting their ability to make payments, additional allowances may be required. If a customer receivable is deemed to be uncollectible, the receivable is charged-off against allowance for doubtful accounts. Earnings per Share Basic earnings per share (“EPS”) on the face of the accompanying consolidated statements of operations is computed by dividing the net income or loss applicable to the Company’s common stockholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income or loss in the numerator excludes the impact, if any, of dilutive common stock equivalents. Diluted EPS includes the effect, if dilutive, of the Company’s outstanding stock options, restricted stock and convertible securities under the treasury stock method. Currently issued and outstanding shares of restricted stock remain subject to vesting requirements. The Company is required to compute EPS amounts under the two class method in periods with earnings. Holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as holders of outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, undistributed earnings, if any, for each period are allocated based on the participation rights of both the common stockholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis. Stock-Based Compensation The fair value of share-based payments is estimated using the quoted market price of the Company’s common stock and pricing models as of the date of grant as further discussed in Note 12, “Long-Term Incentive Compensation.” The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service-based awards, the Company issues performance-based awards, which are conditional based upon Company performance. Performance-based award expense, and ultimate vesting, is recognized in an amount that depends on the Company’s probable achievement of specified performance objectives. Guarantees Some product sales in the Offshore/Manufactured Products segment are sold with an assurance warranty, generally ranging from 12 to 18 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2023, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was $15.2 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any material amounts will be required to be paid under these guarantee arrangements. Accounting for Contingencies The Company has contingent liabilities and future claims for which estimates of the amount of the eventual cost to liquidate such liabilities are accrued. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and an assessment of exposure has been made and recorded in an amount estimated to cover the expected loss. Other claims or liabilities have been estimated based on their fair value or management’s experience in such matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, future reported financial results will be impacted by the difference between the accruals and actual amounts paid in settlement. Examples of areas with important estimates of future liabilities include duties, income taxes, litigation, insurance claims and contractual claims and obligations. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption. In August 2020, the FASB issued updated guidance to simplify the accounting for convertible instruments and contracts in an entity’s own equity (referred to as “ASU 2020-06”). This guidance eliminated the requirement that the carrying value of convertible debt instruments, such as the Company’s 1.50% convertible senior notes due 2023 (the “2023 Notes”), be allocated between debt and equity components. As permitted under the standard, the Company adopted the guidance on January 1, 2021, using the modified retrospective transition method. Adoption of the standard resulted in a $12.2 million increase in the net carrying value of the 2023 Notes, a $2.7 million decrease in deferred income taxes and a $9.5 million net decrease in stockholders’ equity. The effective interest rate associated with the 2023 Notes after adoption decreased from approximately 6% to approximately 2%, which compares to the contractual interest rate of 1.50%. As further discussed in Note 7, “Long-term Debt,” the 2023 Notes matured and were repaid in full on February 15, 2023. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition On April 14, 2022, the Company acquired E-Flow Control Holdings Limited (“E-Flow”), a U.K.-based global provider of fully integrated handling, control, monitoring and instrumentation solutions. The purchase price of $8.1 million (net of cash acquired) was funded with cash-on-hand. Under the terms of the purchase agreement, the Company may be entitled to indemnification for certain matters occurring prior to the acquisition. The E-Flow transaction was accounted for using the acquisition method of accounting, based on the Company’s estimates of the fair value of assets acquired (primarily long-lived intangible assets and goodwill) and liabilities assumed in the acquisition. E-Flow’s results of operations have been included in the Company’s consolidated financial statements and have been reported within the Offshore/Manufactured Products segment subsequent to the closing of the acquisition. |
Asset Impairments and Other Cha
Asset Impairments and Other Charges and Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairments and Other Charges and Benefits | Asset Impairments and Other Charges and Benefits During 2023, the Offshore/Manufactured Products segment recognized facility consolidation charges totaling $2.5 million in connection with the ongoing consolidation and relocation of certain manufacturing and service facilities and the relocation of related equipment, which is included in “Other operating income, net.” Additionally, during 2023, the Well Site Services segment recognized $0.6 million in costs associated with the defense of certain patents, which are included in “Selling, general and administrative expense.” In August 2022, the Offshore/Manufactured Products segment settled outstanding litigation against certain service providers in exchange for cash totaling $6.9 million. In connection with this settlement, the Company recognized a gain of $6.1 million (net of legal and other related costs) in 2022, which is included in “other operating income, net.” During 2021, the Company continued its restructuring efforts which began in 2020 due to the COVID-19 pandemic, closing facilities in the United States and assessing the carrying value of its assets based on management actions and the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands): Offshore/ Manufactured Products Well Site Services Downhole Technologies Corporate Pre-tax Total Tax After-tax Total Impairments of: Fixed assets (Note 5) $ — $ 1,372 $ — $ — $ 1,372 $ 289 $ 1,083 Operating lease assets (Note 8) — 2,794 — — 2,794 587 2,207 Inventories (Note 5) — 1,468 2,113 — 3,581 752 2,829 Severance and restructuring costs (1) 868 4,266 809 1,555 7,498 1,573 5,925 Release of foreign currency translation adjustments on liquidation of an international operation — — — 9,320 9,320 — 9,320 ____________________ (1) Includes recognition of $1.9 million in additional lease-related liabilities associated with the exit of a long-term lease supporting the Well Site Services segment. Additionally, during 2021, the Company recognized $8.8 million in aggregate reductions to payroll tax expense (within cost of revenues and selling, general and administrative expense) as part of the Coronavirus Aid, Relief, and Economic Security Act employee retention credit program. |
Details of Selected Balance She
Details of Selected Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details of Selected Balance Sheet Accounts | Details of Selected Balance Sheet Accounts Additional information regarding selected balance sheet accounts as of December 31, 2023 and December 31, 2022 is presented below (in thousands): December 31, December 31, Accounts receivable, net: Trade $ 128,405 $ 145,540 Unbilled revenue 27,756 29,679 Contract assets 46,746 42,599 Other 4,801 6,177 Total accounts receivable 207,708 223,995 Allowance for doubtful accounts (4,497) (5,226) $ 203,211 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % December 31, December 31, Deferred revenue (contract liabilities) $ 36,757 $ 44,790 As of December 31, 2023, accounts receivable, net in the United States, the United Kingdom and Singapore represented 66%, 12% and 11%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2023. A summary of activity in allowance for doubtful accounts for the years ended December 31, 2023, 2022 and 2021 is provided in Note 16, “Valuation Allowances.” For the majority of contracts with customers, the Company receives payments based upon established contractual terms as products are delivered and services are performed. The Company’s larger project-related contracts within the Offshore/Manufactured Products segment often provide for customer payments as milestones are achieved. Contract assets relate to the Company’s right to consideration for work completed but not billed as of December 31, 2023 and 2022 on certain project-related contracts within the Offshore/Manufactured Products segment. Contract assets are transferred to unbilled or trade receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to advance consideration received from customers (i.e. milestone payments) for contracts for project-driven products as well as others which require significant advance investment in materials. Consistent with industry practice, the Company classifies assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year. All contracts are reported on the consolidated balance sheets in a net asset (contract asset) or liability (deferred revenue) position on a contract-by-contract basis at the end of each reporting period. In the normal course of business, the Company also receives advance consideration from customers on many other short-term, smaller product and service contracts which is deferred and recognized as revenue once the related performance obligation is satisfied. For the year ended December 31, 2023, the $4.1 million net increase in contract assets was primarily attributable to $44.3 million in revenue recognized during the period, which was partially offset by $40.2 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $8.0 million in 2023, primarily reflecting the recognition of $17.6 million of revenue that was deferred at the beginning of the period, partially offset by $9.3 million in new customer billings which were not recognized as revenue during the period. For the year ended December 31, 2022, the $2.8 million net increase in contract assets was primarily attributable to $34.8 million in revenue recognized during the year, which was partially offset by $31.7 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $1.6 million in 2022, primarily reflecting $19.0 million in new customer billings which were not recognized as revenue during the year, partially offset by the recognition of $17.2 million of revenue that was deferred at the beginning of the period. December 31, December 31, Inventories, net: Finished goods and purchased products $ 103,599 $ 90,443 Work in process 30,546 32,079 Raw materials 109,627 97,817 Total inventories 243,772 220,339 Allowance for excess or obsolete inventory (41,745) (37,681) $ 202,027 $ 182,658 During 2021, the Company recorded impairment charges totaling $3.6 million to reduce the carrying value of inventories to their estimated net realizable value based primarily on management’s decision to exit certain product and service offerings. Estimated December 31, December 31, Property, plant and equipment, net: Land $ 30,624 $ 32,875 Buildings and leasehold improvements 1 – 40 221,803 247,274 Machinery and equipment 2 – 28 246,522 241,257 Completion-related equipment 2 – 10 159,110 504,770 Office furniture and equipment 1 – 10 36,115 33,529 Vehicles 3 – 10 52,140 59,076 Construction in progress 7,829 10,053 Property, plant and equipment $ 754,143 $ 1,128,834 Accumulated depreciation (473,754) (824,999) $ 280,389 $ 303,835 During 2023, certain facilities in the Offshore/Manufactured Products segment were reclassified as held for sale assets, and transferred from property, plant and equipment to prepaid and other current assets. The carrying value of these facilities totaled $17.2 million as of December 31, 2023. Additionally, the Company sold certain idle facilities and equipment and retired other fully-depreciated completion-related equipment during 2023. For the years ended December 31, 2023, 2022 and 2021, depreciation expense was $43.6 million, $47.0 million and $60.1 million, respectively. During 2021, the Well Site Services segment recognized non-cash impairment charges of $1.4 million to reduce the carrying value of certain of the segment’s fixed assets to their estimated realizable value. December 31, December 31, Other noncurrent assets: Deferred compensation plan $ 17,255 $ 17,551 Deferred financing costs 1,109 1,893 Deferred income taxes 2,211 1,517 Other 2,678 4,726 $ 23,253 $ 25,687 December 31, December 31, Accrued liabilities: Accrued compensation $ 27,131 $ 33,659 Accrued taxes, other than income taxes 2,076 1,865 Insurance liabilities 3,839 4,640 Accrued interest 1,690 1,784 Accrued commissions 3,060 2,302 Other 6,431 4,807 $ 44,227 $ 49,057 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill recorded within the Offshore/Manufactured Products segment for the years ended December 31, 2023 and 2022 were as follows (in thousands): Balance as of December 31, 2021 (1) $ 76,412 Goodwill acquired 4,146 Foreign currency translation (1,276) Balance as of December 31, 2022 (1) 79,282 Foreign currency translation 585 Balance as of December 31, 2023 (1) $ 79,867 ____________________ (1) Net of accumulated impairment losses of $86.5 million. Other Intangible Assets The following table presents the gross carrying amount and the related accumulated amortization for major intangible asset classes as of December 31, 2023 and 2022 (in thousands): 2023 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,342 $ 56,499 $ 84,843 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 70,113 34,541 35,572 69,830 29,214 40,616 Tradenames and other 52,505 19,910 32,595 52,488 16,856 35,632 $ 263,960 $ 110,950 $ 153,010 $ 263,497 $ 93,699 $ 169,798 Amortization expense was $17.2 million, $20.3 million and $20.6 million in the years ended December 31, 2023, 2022 and 2021, respectively. The weighted average remaining amortization period for all intangible assets, other than goodwill, was 10.0 years as of December 31, 2023 and 10.6 years as of December 31, 2022. Amortization expense is expected to total approximately $17 million in 2024 through 2026, $16 million in 2027 and $15 million in 2028. As of December 31, 2023 and 2022, no impairment of other intangible assets was required. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt As of December 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): December 31, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 133,037 132,164 2023 Notes (3) — 17,303 Other debt and finance lease obligations 3,092 3,430 Total debt 136,129 152,897 Less: Current portion (627) (17,831) Total long-term debt $ 135,502 $ 135,066 ____________________ (1) Unamortized deferred financing costs of $1.1 million and $1.9 million as of December 31, 2023 and December 31, 2022, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of December 31, 2023 and December 31, 2022. (3) The 2023 Notes matured and were repaid in full on February 15, 2023. Scheduled maturities of total debt as of December 31, 2023, are as follows (in thousands): 2024 627 2025 576 2026 133,553 2027 543 2028 578 Thereafter 252 $ 136,129 Revolving Credit Facility On February 10, 2021, the Company entered into 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”). On February 16, 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. Since December 13, 2022, 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 December 31, 2023, the Company had no borrowings outstanding under the ABL Facility and $15.2 million of outstanding letters of credit. The total amount available to be drawn as of December 31, 2023 was $76.1 million, calculated based on the current borrowing base less outstanding borrowings, if any, and letters of credit. As of December 31, 2023, the Company was in compliance with its debt covenants under the ABL Agreement. 2026 Notes The Company issued $135.0 million aggregate principal amount of its 4.75% convertible senior notes due 2026 (the “2026 Notes”) pursuant to an indenture, dated as of March 19, 2021 (the “2026 Indenture”), between the Company and Computershare Trust Company, National Association, as successor trustee. The 2026 Notes bear interest at a rate of 4.75% per year and will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest and special interest may accrue on the 2026 Notes under certain circumstances as described in the 2026 Indenture. The initial conversion rate is 95.3516 shares of the Company’s common stock per $1,000 principal amount of the 2026 Notes (equivalent to an initial conversion price of $10.49 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the 2026 Indenture. The Company’s intent is to repay the principal amount of the 2026 Notes in cash and settle the conversion feature (if any) in shares of the Company’s common stock. As of December 31, 2023, none of the conditions allowing holders of the 2026 Notes to convert, or requiring us to repurchase the 2026 Notes, had been met. 2023 Notes On 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 matured and were repaid in full on February 15, 2023. The following table provides a summary of the Company's purchases of outstanding 2023 Notes during the years ended December 31, 2023, 2022 and 2021, with non-cash gains reported within other income, net (in thousands): Principal Amount Carrying Value of Liability Cash Paid Non-cash Gains Recognized Year Ended December 31, 2023 $ 17,315 $ 17,315 $ 17,315 $ — 2022 8,654 8,626 8,450 176 2021 131,400 129,974 125,952 4,022 Promissory Note In connection with the 2018 acquisition of GEODynamics, Inc., the Company issued a $25.0 million promissory note (the "GEO Note") that bore interest at 2.50% per annum and was scheduled to mature on July 12, 2019. Prior to settlement on July 1, 2022, the carrying amount of the GEO Note was $17.5 million, which was the Company’s then-current best estimate of what was owed after set-off for certain indemnification matters. On July 1, 2022, the Company paid $10.0 million in cash and issued approximately 1.9 million shares of its common stock (having a market value of $10.3 million) to extinguish the GEO Note along with accrued interest of $2.2 million. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Operating Lease Assets The following table presents the carry value of operating lease assets in the Company’s consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): 2023 2022 Operating lease assets, net $ 21,970 $ 23,028 Operating lease asset additions are offset by a corresponding increase to operating lease liabilities and do not impact the consolidated statement of cash flows at commencement. The non-cash effect of operating lease additions in 2023, 2022 and 2021 totaled $1.3 million, $0.4 million and $0.1 million, respectively. The following table provides details regarding the components of operating lease expense based on the initial term of underlying agreements for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Operating lease expense components: Leases with initial term of greater than 12 months $ 8,481 $ 8,325 $ 9,412 Leases with initial term of 12 months or less 4,852 4,718 4,232 Total operating lease expense $ 13,333 $ 13,043 $ 13,644 During 2021, the Well Site Services segment recognized non-cash operating lease asset impairment charges of $2.8 million associated with the closure of certain leased facilities. During 2021, the segment also recorded an additional $1.9 million charge for other expenses associated with the exit of a leased facility. Operating Lease Liabilities The following table provides the scheduled maturities of operating lease liabilities as of December 31, 2023 (in thousands): 2024 $ 7,860 2025 6,141 2026 5,192 2027 3,339 2028 2,474 Thereafter 3,229 Total lease payments 28,235 Less: Imputed interest (3,009) Present value of operating lease liabilities 25,226 Less: Current portion (6,880) Total long-term operating lease liabilities $ 18,346 Weighted-average remaining lease term (years) 4.7 Weighted-average discount rate 6 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common and Preferred Stock The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during 2023 (in thousands): Issued Treasury Stock Outstanding Shares of common stock outstanding – December 31, 2021 73,900 12,522 61,378 Issuance of common stock to seller of GEODynamics, Inc. 1,910 — 1,910 Restricted stock awards, net of forfeitures 778 — 778 Shares withheld for taxes on vesting of stock awards — 162 (162) Shares of common stock outstanding – December 31, 2022 76,588 12,684 63,904 Restricted stock awards, net of forfeitures 631 — 631 Shares withheld for taxes on vesting of stock awards — 206 (206) Purchases of treasury stock — 1,002 (1,002) Shares of common stock outstanding – December 31, 2023 77,219 13,892 63,327 As of December 31, 2023 and December 31, 2022, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding. On February 16, 2023, the Company’s Board of Directors authorized $25.0 million for the repurchase of the Company’s common stock, par value $0.01 per share, through February 2025. Over the balance of 2023, the Company repurchased 1,001,753 shares of common stock under the program at a total cost of $6.9 million. The amount remaining under the Company’s share repurchase authorization as of December 31, 2023 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 decreased from $78.9 million at December 31, 2022 to $70.0 million at December 31, 2023. For the years ended December 31, 2023 and 2022, currency translation adjustments recognized as a component of other comprehensive income (loss) were primarily attributable to the United Kingdom and Brazil. During 2023, the exchange rates for the British pound and the Brazilian real strengthened by 6% and 8%, respectively, compared to the U.S. dollar, contributing to other comprehensive income of $9.0 million. During 2022, the exchange rate for the British pound weakened by 11% compared to the U.S. dollar while the Brazilian real strengthened by 6% compared to the U.S. dollar, contributing to other comprehensive loss of $12.9 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Consolidated income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 United States $ 3,793 $ (22,489) $ (56,665) Foreign 12,031 18,429 (16,669) Total $ 15,824 $ (4,060) $ (73,334) The 2021 foreign losses before income taxes included the reclassification of $9.3 million in historical currency translation adjustments upon the liquidation of an international operation, which were not deductible for income tax purposes. Components of income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 Current: United States $ — $ 155 $ 370 U.S. state 1,135 1,191 250 Foreign 1,572 2,114 (1,322) 2,707 3,460 (702) Deferred: United States 2,061 266 (7,662) U.S. state (721) (12) (177) Foreign (1,114) 1,766 (800) 226 2,020 (8,639) Total income tax provision (benefit) $ 2,933 $ 5,480 $ (9,341) A reconciliation of the U.S. statutory income tax benefit to the total income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 U.S. statutory income tax provision (benefit) $ 3,323 $ (853) $ (15,400) Effect of foreign income taxed at different rates (425) 1,895 (483) Foreign income subject to U.S. taxes 931 1,876 182 Utilization of U.S. foreign tax credits (1,460) (291) — State income taxes, net of federal benefits 962 89 (1,157) Changes in valuation allowances against tax assets (see Note 16) (2,010) 19 2,410 Non-deductible compensation 1,390 627 814 Other non-deductible expenses, net 222 2,118 2,336 Release of foreign currency translation adjustments on liquidation of an international operation — — 1,957 Total income tax provision (benefit) $ 2,933 $ 5,480 $ (9,341) The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Foreign tax credit carryforwards $ 12,614 $ 19,237 Net operating loss carryforwards 23,960 44,955 Inventories 11,523 9,969 Operating lease liabilities 4,334 4,822 Employee benefits 4,442 4,327 Deferred revenue 6,437 — Other 5,770 3,357 Gross deferred tax asset 69,080 86,667 Valuation allowance (see Note 16) (29,638) (36,749) Net deferred tax asset 39,442 49,918 Deferred tax liabilities: Tax over book depreciation (14,337) (21,077) Intangible assets (26,542) (29,232) Operating lease assets (3,632) (4,013) Other (437) (731) Deferred tax liability (44,948) (55,053) Net deferred tax liability $ (5,506) $ (5,135) 2023 2022 Balance sheet classification: Other non-current assets $ 2,211 $ 1,517 Deferred tax liability (7,717) (6,652) Net deferred tax liability $ (5,506) $ (5,135) The Company had $10.7 million of U.S. federal NOL carryforwards as of December 31, 2023, which can be carried forward indefinitely. The Company’s U.S. state NOL carryforwards as of December 31, 2023 totaled $184.6 million, of which $8.6 million are attributable to the acquired GEODynamics operations and are subject to certain limitation provisions. As of December 31, 2023, the Company had NOL carryforwards related to certain of its international operations totaling $31.3 million, of which $15.6 million can be carried forward indefinitely. As of December 31, 2023 and 2022, the Company had recorded valuation allowances of $17.7 million and $20.0 million, respectively, primarily with respect to foreign and U.S. state NOL carryforwards. As of December 31, 2023 and 2022, the Company’s foreign tax credit carryforwards totaled $12.6 million and $19.2 million, respectively. During 2023, $5.0 million of the Company’s foreign tax credits expired, and the offsetting valuation allowances were reduced. The remaining foreign tax credits will expire in varying amounts from 2024 to 2029. As of December 31, 2023 and 2022, the Company had recorded valuation allowances of $11.9 million and $16.7 million, respectively, with respect to foreign tax credit carryforwards. The Company files tax returns in the jurisdictions in which they are required. These returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. The Company believes that it has recorded sufficient tax liabilities and does not expect that the resolution of any examination or audit of its tax returns will have a material adverse effect on its consolidated operating results, financial condition or liquidity. Tax years subsequent to 2013 (except for 2016) remain open to U.S. federal tax audit. Foreign subsidiary federal tax returns subsequent to 2012 are subject to audit by various foreign tax authorities. The total amount of unrecognized tax benefits as of December 31, 2023 and 2022 was nil. The Company accrues interest and penalties related to unrecognized tax benefits as a component of the Company’s provision for income taxes. As of December 31, 2023 and 2022, the Company had no accrued interest expense or penalties. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the years ended December 31, 2023 and 2022 (in thousands, except per share amounts): 2023 2022 2021 Numerators: Net income (loss) $ 12,891 $ (9,540) $ (63,993) Less: Income attributable to unvested restricted stock awards (251) — — Numerator for basic net income (loss) per share 12,640 (9,540) (63,993) Effect of dilutive securities: Unvested restricted stock awards 2 — — Numerator for diluted net income (loss) per share $ 12,642 $ (9,540) $ (63,993) Denominators: Weighted average number of common shares outstanding 63,934 62,842 61,314 Less: Weighted average number of unvested restricted stock awards outstanding (1,244) (1,204) (1,021) Denominator for basic net income (loss) per share 62,690 61,638 60,293 Effect of dilutive securities: Performance share units 462 — — Denominator for diluted net income (loss) per share 63,152 61,638 60,293 Net income (loss) per share: Basic $ 0.20 $ (0.15) $ (1.06) Diluted 0.20 (0.15) (1.06) The calculation of diluted net income (loss) per share for the years ended December 31, 2023, 2022 and 2021 excluded 172 thousand shares, 277 thousand shares and 430 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 | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Long-Term Incentive Compensation | Long-Term Incentive Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of service-based restricted stock awards is determined by the quoted market price of the Company’s common stock on the date of grant. The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. Stock-based compensation expense recognized during the years ended December 31, 2023, 2022 and 2021 totaled $7.0 million, $6.9 million and $7.9 million, respectively. Restricted Stock Awards The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon achievement of predefined specific performance objectives based on the Company’s cumulative EBITDA over a three-year period. In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. Service-based restricted stock awards generally vest on a straight-line basis over a three-year term. The following table presents changes in restricted stock awards and related information for the year ended December 31, 2023 (shares in thousands): Service-based Restricted Stock Performance- and Service-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Total Number of Restricted Shares and Units Unvested, December 31, 2022 1,222 $ 7.12 494 $ 6.67 1,716 Granted 647 8.80 211 8.66 858 Performance adjustment (1) — — 222 6.87 222 Vested (620) 7.62 — — (620) Forfeited (16) 8.30 — — (16) Unvested, December 31, 2023 1,233 $ 7.74 927 $ 7.17 2,160 ____________________ (1) Reflects an adjustment to the number of shares issued in 2024 upon vesting of the 2021 performance-based stock awards. The total fair value of restricted stock awards that vested in 2023, 2022 and 2021 was $4.7 million, $5.5 million and $9.3 million, respectively. As of December 31, 2023, there was $7.0 million of total compensation costs related to unvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average vesting period of 1.2 years. As of December 31, 2023, approximately 3.4 million shares were available for future grant under the Company’s Amended and Restated Equity Participation Plan. Stock Options No options were awarded or exercised in 2023, 2022 or 2021. As of December 31, 2023, the Company had 158 thousand stock options outstanding and exercisable, with exercise prices ranging from $42.29 to $58.54 and a weighted-average contractual life of 7 months. Long-Term Cash Incentive Awards The Company issued conditional long-term cash incentive awards (“Cash Awards”) totaling $1.5 million in both 2023 and 2022. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for each annual grant ranges from zero to a maximum of $3.1 million, but is limited to the targeted award value if the Company’s total stockholder return is negative over the respective performance period. Obligations related to these Cash Awards are classified as liabilities and recognized over the vesting period. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Defined Contribution Plans The Company sponsors defined contribution plans, including a 401(k) retirement savings plan (the “401(k) Plan”). Participation in these plans is available to substantially all employees. Effective January 1, 2022, the Company resumed matching contributions to the Company’s 401(k) Plan and Deferred Compensation Plan (defined below) – which were suspended in 2020 in response to the significant decline in industry activity levels due to the COVID-19 pandemic. The Company recognized expenses of $7.0 million, $3.4 million and $0.8 million primarily related to matching contributions under its various defined contribution plans during the years ended December 31, 2023, 2022 and 2021, respectively. Deferred Compensation Plan The Company also maintains a nonqualified deferred compensation plan (the “Deferred Compensation Plan”) that permits eligible directors and employees to elect to defer the receipt of all or a portion of their directors’ fees or salary and annual bonuses. The Deferred Compensation Plan permits the Company to make discretionary contributions to an employee’s account. Since inception of the plan, this discretionary contribution provision has been limited to a matching of the employee’s contributions on a basis equivalent to matching permitted under the Company’s 401(k) Plan, but not subject to the IRS limitations on match-eligible compensation. The vesting of Company contributions to participant accounts is equivalent to the vesting requirements of the Company’s 401(k) Plan. The assets of the Deferred Compensation Plan are held in a Rabbi Trust (the “Trust”) and, therefore, are available to satisfy the claims of the Company’s creditors in the event of bankruptcy or insolvency of the Company. Participants have the ability to direct the plan administrator to invest the assets in their individual accounts, including any discretionary contributions made by the Company, in a selection of funds consistent with those in the Company’s 401(k) Plan. Distributions from the Deferred Compensation Plan are made in cash based upon the participants’ specific deferral payment elections. As of December 31, 2023, Trust assets and amounts payable to plan participants totaled $17.3 million, which are classified as “other noncurrent assets” and “other noncurrent liabilities” in the Company’s consolidated balance sheet. The fair value of the investments held by the Trust was based on quoted market prices in active markets (a Level 1 fair value measurement). |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately as each business requires different technologies and marketing strategies. Recent acquisitions, except for the acquisition of GEODynamics, have been direct extensions to existing business segments. Accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Offshore/Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. Driven principally by longer-term customer investments for offshore oil and natural gas projects, project-driven product revenues include flexible bearings, advanced connector systems, high-pressure riser systems, managed pressure drilling systems, deepwater mooring systems, cranes, subsea pipeline products and blow-out preventer stack integration. Short-cycle products manufactured by the segment include valves, elastomers and other specialty products generally used in the land-based drilling and completion markets. Other products manufactured and offered by the segment include a variety of products for use in industrial, military, alternative energy and other applications outside the oil and gas industry. The segment also offers a broad line of complementary, value-added services including specialty welding, fabrication, cladding and machining services, offshore installation services, and inspection and repair services. The Well Site Services segment provides a broad range of equipment and services that are used to drill for, establish and maintain the flow of oil and natural gas from a well throughout its life cycle. In this segment, operations primarily include completion-focused equipment and services. The segment provides solutions to its customers using its completion tools, drilling rigs and highly-trained personnel throughout its service offerings which include wireline support, frac stacks, isolation tools, downhole and extended reach activity, well testing and flowback operations, sand control and land drilling. The Downhole Technologies segment provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. This segment designs, manufactures and markets its consumable engineered products to oilfield service as well as exploration and production companies, which are completing complex wells with longer lateral lengths, increased frac stages and more perforation clusters to increase unconventional well productivity. Corporate information includes corporate expenses, such as those related to corporate governance, stock-based compensation and other infrastructure support, as well as impacts from corporate-wide decisions for which individual operating units are not evaluated. Financial information by business segment for each of the three years ended December 31, 2023, 2022 and 2021, is summarized in the following table (in thousands): Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets 2023 Offshore/Manufactured Products (1) $ 441,263 $ 18,510 $ 65,299 $ 9,661 $ 561,174 Well Site Services (2) 242,633 25,318 13,881 19,125 191,630 Downhole Technologies (3) 98,387 16,314 (14,884) 1,399 238,901 Corporate — 636 (41,132) 468 54,782 Total $ 782,283 $ 60,778 $ 23,164 $ 30,653 $ 1,046,486 2022 Offshore/Manufactured Products (4) $ 381,723 $ 20,451 $ 45,268 $ 5,857 $ 556,769 Well Site Services 231,189 28,564 4,865 12,963 206,632 Downhole Technologies 124,794 17,628 (6,669) 1,271 255,550 Corporate — 691 (40,559) 175 45,441 Total $ 737,706 $ 67,334 $ 2,905 $ 20,266 $ 1,064,392 2021 Offshore/Manufactured Products $ 298,729 $ 22,190 $ 15,447 $ 4,628 $ 541,346 Well Site Services (5) 170,940 40,152 (34,511) 10,977 200,874 Downhole Technologies (6) 103,492 17,591 (13,470) 901 267,468 Corporate — 808 (32,258) 1,011 76,060 Total $ 573,161 $ 80,741 $ (64,792) $ 17,517 $ 1,085,748 ________________ (1) Operating income included $2.5 million of facility consolidation charges. (2) Operating income included $0.6 million in costs associated with the defense of certain patents. (3) Operating loss (4) Operating income included a $6.1 million gain on settlement of outstanding litigation. (5) Operating loss included inventory and fixed and operating lease asset impairment charges of $1.5 million and $4.2 million, respectively. (6) Operating loss included an inventory impairment charge of $2.1 million. See Note 4, “Asset Impairments and Other Charges and Benefits,” Note 5, “Details of Selected Balance Sheet Accounts,” and Note 8, “Operating Leases” for further discussion of these and other charges and benefits. No customer individually accounted for greater than 10% of the Company’s 2023, 2022 or 2021 consolidated revenues or individually accounted for greater than 10% of the Company’s consolidated accounts receivable at December 31, 2023. The Company’s Offshore/Manufactured Products segment has numerous facilities around the world that generate both product and service revenues, and it is common for the segment to provide both installation and other services for products it manufactures. While substantially all depreciation and amortization expense for the Offshore/Manufactured Products segment relates to cost of revenues, it does not segregate or capture depreciation or amortization expense between product and service cost. For the Downhole Technologies segment, substantially all depreciation and amortization expense relates to cost of products while substantially all depreciation and amortization expense for the Well Site Services segment relates to cost of services. Operating income (loss) excludes equity in net income of unconsolidated affiliates, which is immaterial and not reported separately herein. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2023, 2022 and 2021 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies 2023 2022 2021 2023 2022 2021 2023 2022 2021 Project-driven: Products $ 189,739 $ 158,040 $ 122,097 $ — $ — $ — $ — $ — $ — Services 112,742 98,968 87,344 — — — — — — Total project-driven 302,481 257,008 209,441 — — — — — — Military and other products 32,596 32,563 24,114 — — — — — — Short-cycle: Products 106,186 92,152 65,174 — — — 90,029 102,808 87,908 Services — — — 242,633 231,189 170,940 8,358 21,986 15,584 Total short-cycle 106,186 92,152 65,174 242,633 231,189 170,940 98,387 124,794 103,492 $ 441,263 $ 381,723 $ 298,729 $ 242,633 $ 231,189 $ 170,940 $ 98,387 $ 124,794 $ 103,492 Financial information by geographic location for the years ended December 31, 2023, 2022 and 2021, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances. United States United Kingdom Singapore Other Total 2023 Revenues from unaffiliated customers $ 594,808 $ 81,643 $ 48,131 $ 57,701 $ 782,283 Long-lived assets 407,457 79,607 6,485 41,687 535,236 2022 Revenues from unaffiliated customers $ 571,008 $ 82,687 $ 34,380 $ 49,631 $ 737,706 Long-lived assets 443,818 76,377 14,218 41,531 575,944 2021 Revenues from unaffiliated customers $ 447,002 $ 59,352 $ 35,886 $ 30,921 $ 573,161 Long-lived assets 487,749 79,723 15,202 43,459 626,133 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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. |
Valuation Allowances
Valuation Allowances | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation Allowances | Valuation Allowances Activity in the valuation accounts was as follows (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Deductions (net of recoveries) Translation and Other, Net Balance at End of Period Year Ended December 31, 2023: Allowance for doubtful accounts receivable $ 5,226 $ (336) $ (428) $ 35 $ 4,497 Allowance for excess or obsolete inventory 37,681 5,229 (1,437) 272 41,745 Valuation allowance on deferred tax assets (1) 36,749 (2,010) (5,020) (81) 29,638 Year Ended December 31, 2022: Allowance for doubtful accounts receivable $ 4,471 $ 2,066 $ (1,266) $ (45) $ 5,226 Allowance for excess or obsolete inventory 40,440 3,739 (5,911) (587) 37,681 Valuation allowance on deferred tax assets 37,643 19 (1,027) 114 36,749 Year Ended December 31, 2021: Allowance for doubtful accounts receivable $ 8,304 $ 705 $ (3,932) $ (606) $ 4,471 Allowance for excess or obsolete inventory 40,731 4,806 (4,919) (178) 40,440 Valuation allowance on deferred tax assets 35,497 2,410 — (264) 37,643 ________________ (1) As further discussed in Note 10, “Income Taxes,” the $5.0 million reduction in the valuation allowance on deferred tax assets is attributable to the expiration of foreign tax credit carryforwards in 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) | $ 12,891 | $ (9,540) | $ (63,993) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles 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 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, revenue and income recognized over time, goodwill and long-lived asset impairments, 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments purchased with an original maturity of three months or less are classified as cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Inventories | Inventories Inventories consist of consumable oilfield products, manufactured equipment, spare parts for manufactured equipment, and work-in-process. Inventories also include raw materials, labor, subcontractor charges, manufacturing overhead and supplies and are carried at the lower of cost or net realizable value. The cost of inventories is determined on an average cost or specific-identification method. A reserve for excess and/or obsolete inventory is maintained based on the age, turnover, condition, expected near-term utility and market pricing of the goods. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost, or at estimated fair market value at acquisition date if acquired in a business combination, and depreciation is computed, for assets owned or recorded under a finance lease, using the straight-line method over the estimated useful lives of the assets, after allowing for estimated salvage value where applicable. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the statements of operations. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price for acquired businesses over the allocated fair value of related net assets, reduced by historical impairments. In accordance with current accounting guidance, the Company does not amortize goodwill, but rather assesses goodwill for impairment annually (as of December 1) and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable. Following the goodwill impairments recognized by the Company in 2020, only the Offshore/Manufactured Products segment has remaining goodwill. The Company’s December 1, 2023 qualitative assessment identified no events or changes in circumstances which indicated that, more likely than not, the $79.9 million carrying value of goodwill on the balance sheet of the Offshore/Manufactured Products segment was recoverable. The Company’s December 1, 2022 and 2021 quantitative assessments of goodwill for impairment indicated that the fair value of the Offshore/Manufactured Products reporting unit was greater than its carrying amount at each date and no impairments were required in either period. When a quantitative assessment of goodwill is necessary, each reporting unit with goodwill on its balance sheet is assessed separately using relevant events and circumstances. Management estimates the fair value of each reporting unit and compares that fair value to its recorded carrying value. Management utilizes, depending on circumstances, a combination of valuation methodologies including a market approach and an income approach, as well as guideline public company comparables. Projected cash flows are discounted using a long-term weighted average cost of capital for each reporting unit based on estimates of investment returns that would be required by a market participant. As part of the process of assessing goodwill for potential impairment, the total market capitalization of the Company is compared to the sum of the fair values of all reporting units to assess the reasonableness of aggregated fair values. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded based on the excess of the carrying amount over the reporting unit’s fair value. |
Long-Lived Assets | Long-Lived Assets The Company amortizes the cost of long-lived assets, including finite-lived intangible assets, over their estimated useful life. The recoverability of the carrying values of long-lived assets is assessed at the asset group level whenever, in management’s judgment, events or changes in circumstances indicate that the carrying value of such asset groups may not be recoverable based on estimated undiscounted future cash flows. If this assessment indicates that the carrying values will not be recoverable, an impairment loss equal to the excess of the carrying value over the fair value of the asset group is recognized. The fair value of the asset group is based on appraised values, prices of similar assets (if available), or discounted cash flows. |
Leases | Leases The Company leases a portion of its facilities, office space, equipment and vehicles under contracts which provide it with the right to control identified assets. The Company recognizes the right to use identified assets under operating leases (with an initial term of greater than 12 months) as operating lease assets and the related obligations to make payments under the lease arrangements as operating lease liabilities. Finance lease obligations, which are not material, are classified within long-term debt while related assets are included within property, plant and equipment. Lease assets and liabilities are recorded at the commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company’s leases do not provide an implicit interest rate. Therefore, the Company’s incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments. Most of the Company’s operating leases include one or more options to renew, with renewal terms that can extend the lease term from one |
Research and Development Costs | Research and Development Costs |
Foreign Currency and Other Comprehensive Loss | Foreign Currency and Other Comprehensive Loss A portion of revenues, earnings and net investments in operations outside the United States are exposed to changes in currency exchange rates. The Company seeks to manage its currency exchange risk in part through operational means, including managing expected local currency revenues in relation to local currency costs and local currency assets in relation to local currency liabilities. In order to reduce exposure to fluctuations in currency exchange rates, the Company may enter into currency exchange agreements with financial institutions. As of December 31, 2023 and 2022, the Company had no outstanding foreign currency forward purchase contracts. Gains and losses resulting from balance sheet translation of international operations where the local currency is the functional currency are included as a component of accumulated other comprehensive loss within stockholders’ equity and represent substantially all of the accumulated other comprehensive loss balance. Remeasurements of intercompany advances denominated in a currency other than the functional currency of the entity that are of a long-term investment nature are recognized as a separate component of other comprehensive loss within stockholders’ equity. Gains and losses resulting from balance sheet remeasurements of assets and liabilities denominated in a different currency than the functional currency, other than intercompany advances that are of a long-term investment nature, are included in the consolidated statements of operations within “other operating income, net” as incurred and were not material during the periods presented. |
Revenue and Cost Recognition | Revenue and Cost Recognition The Company’s revenue contracts may include one or more promises to transfer a distinct good or service to the customer, which is referred to as a “performance obligation,” and to which revenue is allocated. The Company recognizes revenue and the related cost when, or as, the performance obligations are satisfied. The majority of significant contracts for custom engineered products have a single performance obligation as no individual good or service is separately identifiable from other performance obligations in the contracts. For contracts with multiple distinct performance obligations, the Company allocates revenue to the identified performance obligations in the contract. The Company’s product sales terms do not include significant post-performance obligations. The Company’s performance obligations may be satisfied at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 34%, 35% and 35% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. The majority of the Company’s revenue recognized at a point in time is derived from short-term contracts for standard products. Revenue on these contracts is recognized when control over the product has transferred to the customer. Indicators the Company considers in determining when transfer of control to the customer occurs include: right to payment for the product, transfer of legal title to the customer, transfer of physical possession of the product, transfer of risk and customer acceptance of the product. Revenues from products and services transferred to customers over time accounted for approximately 66%, 65% and 65% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. The majority of the Company’s revenue recognized over time is for services provided under short-term contracts, with revenue recognized as the customer receives and consumes the services. In addition, the Company manufactures certain products to individual customer specifications under short-term contracts for which control passes to the customer as the performance obligations are fulfilled and for which revenue is recognized over time. For significant project-related contracts involving custom engineered products within the Offshore/Manufactured Products segment (also referred to as “project-driven products”), revenues are typically recognized over time using an input measure such as the percentage of costs incurred to date relative to total estimated costs at completion for each contract (cost-to-cost method). Contract costs include labor, material and overhead. Management believes this method is the most appropriate measure of progress on large contracts. Billings on such contracts in excess of costs incurred and estimated profits are classified as a contract liability (deferred revenue). Costs incurred and estimated profits in excess of billings on these contracts are recognized as a contract asset (a component of accounts receivable). Contract estimates for project-related contracts involving custom engineered products are based on various assumptions to project the outcome of future events that may span several years. Changes in assumptions that may affect future project costs and margins include production efficiencies, the complexity of the work to be performed and the availability and costs of labor, materials and subcomponents. As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, contract-related estimates are reviewed regularly. The Company recognizes adjustments in estimated costs and profits on contracts in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss will be incurred on the contract, the full loss is recognized in the period it is identified. Product costs and service costs include all direct material and labor costs and those costs related to contract performance, such as indirect labor, supplies, tools and repairs. As disclosed in the consolidated statements of operations, product costs and service costs exclude depreciation and amortization expense and impairment of fixed assets, which are separately presented. Selling, general and administrative costs are charged to expense as incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of products. |
Income Taxes | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded based upon the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect at the time the underlying assets or liabilities are recovered or settled. As of December 31, 2023, the Company’s total investment in foreign subsidiaries (except for its Canadian and Cyprus operations) is considered to be permanently reinvested outside of the United States. The Company accounts for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned. The Company records a valuation allowance in the reporting period when management believes that it is more likely than not that any deferred tax asset will not be realized. This assessment requires analysis of changes in tax laws as well as available positive and negative evidence, including consideration of losses in recent years, reversals of temporary differences, forecasts of future income and assessment of future business and tax planning strategies. During 2023, 2022 and 2021, the Company recorded adjustments to valuation allowances primarily with respect to foreign and U.S. state net operating loss (“NOL”) carryforwards as well as U.S. foreign tax credit carryforwards. The calculation of tax liabilities involves assessing uncertainties regarding the application of complex tax regulations. Uncertain tax positions are accounted for using a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. If management ultimately determines that payment of these amounts is unnecessary, the liability is reversed and a tax benefit is recognized during the period in which management determines that the liability is no longer necessary. An additional charge is recorded as a provision for taxes in the period in which management determines that the recorded tax liability is less than the expected ultimate assessment. |
Receivables and Concentration of Credit Risk | Receivables and Concentration of Credit Risk Based on the nature of its customer base, the Company does not believe that it has any significant concentrations of credit risk other than its concentration in the worldwide oil and gas industry. Note 14, “Segments and Related Information,” provides further information with respect to the Company’s geographic revenues and significant customers. The Company evaluates the credit-worthiness of significant customers’ financial condition and, generally, the Company does not require significant collateral from its customers. |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of the Company’s customers to make required payments. Determination of the collectability of amounts due from customers requires management to make judgments regarding future events and trends. Allowances for doubtful accounts are established through an assessment of the Company’s portfolio on an individual customer and consolidated basis taking into account current and expected future market conditions and trends. This process consists of a thorough review of historical collection experience, current aging status of customer accounts, and financial condition of the Company’s customers as well as political and economic factors in countries of operations and other customer-specific factors. Based on a review of these factors, the Company establishes or adjusts allowances for trade and unbilled receivables as well as contract assets. If the financial condition of the Company’s customers were to deteriorate further, adversely affecting their ability to make payments, additional allowances may be required. If a customer receivable is deemed to be uncollectible, the receivable is charged-off against allowance for doubtful accounts. |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) on the face of the accompanying consolidated statements of operations is computed by dividing the net income or loss applicable to the Company’s common stockholders by the weighted average shares of outstanding common stock. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income or loss in the numerator excludes the impact, if any, of dilutive common stock equivalents. Diluted EPS includes the effect, if dilutive, of the Company’s outstanding stock options, restricted stock and convertible securities under the treasury stock method. Currently issued and outstanding shares of restricted stock remain subject to vesting requirements. The Company is required to compute EPS amounts under the two class method in periods with earnings. Holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as holders of outstanding common stock and are thus considered participating securities. Under applicable accounting guidance, undistributed earnings, if any, for each period are allocated based on the participation rights of both the common stockholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, undistributed earnings are allocated on a proportionate basis. |
Stock-Based Compensation | Stock-Based Compensation The fair value of share-based payments is estimated using the quoted market price of the Company’s common stock and pricing models as of the date of grant as further discussed in Note 12, “Long-Term Incentive Compensation.” The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period. In addition to service-based awards, the Company issues performance-based awards, which are conditional based upon Company performance. Performance-based award expense, and ultimate vesting, is recognized in an amount that depends on the Company’s probable achievement of specified performance objectives. |
Guarantees | Guarantees Some product sales in the Offshore/Manufactured Products segment are sold with an assurance warranty, generally ranging from 12 to 18 months. Parts and labor are covered under the terms of the warranty agreement. Warranty provisions are estimated based upon historical experience by product, configuration and geographic region. During the ordinary course of business, the Company also provides standby letters of credit or other guarantee instruments to certain parties as required for certain transactions initiated by either the Company or its subsidiaries. As of December 31, 2023, the maximum potential amount of future payments that the Company could be required to make under these guarantee agreements (letters of credit) was $15.2 million. The Company has not recorded any liability in connection with these guarantee arrangements. The Company does not believe, based on historical experience and information currently available, that it is likely that any material amounts will be required to be paid under these guarantee arrangements. |
Accounting for Contingencies | Accounting for Contingencies The Company has contingent liabilities and future claims for which estimates of the amount of the eventual cost to liquidate such liabilities are accrued. These liabilities and claims sometimes involve threatened or actual litigation where damages have been quantified and an assessment of exposure has been made and recorded in an amount estimated to cover the expected loss. Other claims or liabilities have been estimated based on their fair value or management’s experience in such matters and, when appropriate, the advice of outside counsel or other outside experts. Upon the ultimate resolution of these uncertainties, future reported financial results will be impacted by the difference between the accruals and actual amounts paid in settlement. Examples of areas with important estimates of future liabilities include duties, income taxes, litigation, insurance claims and contractual claims and obligations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s Consolidated Financial Statements upon adoption. In August 2020, the FASB issued updated guidance to simplify the accounting for convertible instruments and contracts in an entity’s own equity (referred to as “ASU 2020-06”). This guidance eliminated the requirement that the carrying value of convertible debt instruments, such as the Company’s 1.50% convertible senior notes due 2023 (the “2023 Notes”), be allocated between debt and equity components. As permitted under the standard, the Company adopted the guidance on January 1, 2021, using the modified retrospective transition method. Adoption of the standard resulted in a $12.2 million increase in the net carrying value of the 2023 Notes, a $2.7 million decrease in deferred income taxes and a $9.5 million net decrease in stockholders’ equity. The effective interest rate associated with the 2023 Notes after adoption decreased from approximately 6% to approximately 2%, which compares to the contractual interest rate of 1.50%. As further discussed in Note 7, “Long-term Debt,” the 2023 Notes matured and were repaid in full on February 15, 2023. |
Asset Impairments and Other C_2
Asset Impairments and Other Charges and Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Asset Impairment Charges | During 2021, the Company continued its restructuring efforts which began in 2020 due to the COVID-19 pandemic, closing facilities in the United States and assessing the carrying value of its assets based on management actions and the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands): Offshore/ Manufactured Products Well Site Services Downhole Technologies Corporate Pre-tax Total Tax After-tax Total Impairments of: Fixed assets (Note 5) $ — $ 1,372 $ — $ — $ 1,372 $ 289 $ 1,083 Operating lease assets (Note 8) — 2,794 — — 2,794 587 2,207 Inventories (Note 5) — 1,468 2,113 — 3,581 752 2,829 Severance and restructuring costs (1) 868 4,266 809 1,555 7,498 1,573 5,925 Release of foreign currency translation adjustments on liquidation of an international operation — — — 9,320 9,320 — 9,320 ____________________ (1) Includes recognition of $1.9 million in additional lease-related liabilities associated with the exit of a long-term lease supporting the Well Site Services segment. |
Details of Selected Balance S_2
Details of Selected Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable, Net | Additional information regarding selected balance sheet accounts as of December 31, 2023 and December 31, 2022 is presented below (in thousands): December 31, December 31, Accounts receivable, net: Trade $ 128,405 $ 145,540 Unbilled revenue 27,756 29,679 Contract assets 46,746 42,599 Other 4,801 6,177 Total accounts receivable 207,708 223,995 Allowance for doubtful accounts (4,497) (5,226) $ 203,211 $ 218,769 Allowance for doubtful accounts as a percentage of total accounts receivable 2 % 2 % |
Schedule of Contract with Customer, Asset and Liability | December 31, December 31, Deferred revenue (contract liabilities) $ 36,757 $ 44,790 |
Schedule of Inventory, Net | December 31, December 31, Inventories, net: Finished goods and purchased products $ 103,599 $ 90,443 Work in process 30,546 32,079 Raw materials 109,627 97,817 Total inventories 243,772 220,339 Allowance for excess or obsolete inventory (41,745) (37,681) $ 202,027 $ 182,658 |
Schedule of Property, Plant and Equipment, Net | Estimated December 31, December 31, Property, plant and equipment, net: Land $ 30,624 $ 32,875 Buildings and leasehold improvements 1 – 40 221,803 247,274 Machinery and equipment 2 – 28 246,522 241,257 Completion-related equipment 2 – 10 159,110 504,770 Office furniture and equipment 1 – 10 36,115 33,529 Vehicles 3 – 10 52,140 59,076 Construction in progress 7,829 10,053 Property, plant and equipment $ 754,143 $ 1,128,834 Accumulated depreciation (473,754) (824,999) $ 280,389 $ 303,835 |
Schedule of Other Noncurrent Assets | December 31, December 31, Other noncurrent assets: Deferred compensation plan $ 17,255 $ 17,551 Deferred financing costs 1,109 1,893 Deferred income taxes 2,211 1,517 Other 2,678 4,726 $ 23,253 $ 25,687 |
Schedule of Accrued Liabilities | December 31, December 31, Accrued liabilities: Accrued compensation $ 27,131 $ 33,659 Accrued taxes, other than income taxes 2,076 1,865 Insurance liabilities 3,839 4,640 Accrued interest 1,690 1,784 Accrued commissions 3,060 2,302 Other 6,431 4,807 $ 44,227 $ 49,057 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill recorded within the Offshore/Manufactured Products segment for the years ended December 31, 2023 and 2022 were as follows (in thousands): Balance as of December 31, 2021 (1) $ 76,412 Goodwill acquired 4,146 Foreign currency translation (1,276) Balance as of December 31, 2022 (1) 79,282 Foreign currency translation 585 Balance as of December 31, 2023 (1) $ 79,867 ____________________ (1) Net of accumulated impairment losses of $86.5 million. |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and the related accumulated amortization for major intangible asset classes as of December 31, 2023 and 2022 (in thousands): 2023 2022 Gross Accumulated Net Carrying Amount Gross Accumulated Net Carrying Amount Other intangible assets: Customer relationships $ 141,342 $ 56,499 $ 84,843 $ 141,179 $ 47,629 $ 93,550 Patents/Technology/Know-how 70,113 34,541 35,572 69,830 29,214 40,616 Tradenames and other 52,505 19,910 32,595 52,488 16,856 35,632 $ 263,960 $ 110,950 $ 153,010 $ 263,497 $ 93,699 $ 169,798 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | As of December 31, 2023 and December 31, 2022, long-term debt consisted of the following (in thousands): December 31, December 31, Revolving credit facility (1) $ — $ — 2026 Notes (2) 133,037 132,164 2023 Notes (3) — 17,303 Other debt and finance lease obligations 3,092 3,430 Total debt 136,129 152,897 Less: Current portion (627) (17,831) Total long-term debt $ 135,502 $ 135,066 ____________________ (1) Unamortized deferred financing costs of $1.1 million and $1.9 million as of December 31, 2023 and December 31, 2022, respectively, are presented in other noncurrent assets. (2) The outstanding principal amount of the 2026 Notes was $135.0 million as of December 31, 2023 and December 31, 2022. (3) The 2023 Notes matured and were repaid in full on February 15, 2023. The following table provides a summary of the Company's purchases of outstanding 2023 Notes during the years ended December 31, 2023, 2022 and 2021, with non-cash gains reported within other income, net (in thousands): Principal Amount Carrying Value of Liability Cash Paid Non-cash Gains Recognized Year Ended December 31, 2023 $ 17,315 $ 17,315 $ 17,315 $ — 2022 8,654 8,626 8,450 176 2021 131,400 129,974 125,952 4,022 |
Schedule of Maturities of Long-term Debt | Scheduled maturities of total debt as of December 31, 2023, are as follows (in thousands): 2024 627 2025 576 2026 133,553 2027 543 2028 578 Thereafter 252 $ 136,129 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Carrying Value of Operating Lease Assets | The following table presents the carry value of operating lease assets in the Company’s consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): 2023 2022 Operating lease assets, net $ 21,970 $ 23,028 |
Schedule of Lease, Cost | The following table provides details regarding the components of operating lease expense based on the initial term of underlying agreements for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Operating lease expense components: Leases with initial term of greater than 12 months $ 8,481 $ 8,325 $ 9,412 Leases with initial term of 12 months or less 4,852 4,718 4,232 Total operating lease expense $ 13,333 $ 13,043 $ 13,644 |
Schedule of Maturities of Operating Lease Liabilities | The following table provides the scheduled maturities of operating lease liabilities as of December 31, 2023 (in thousands): 2024 $ 7,860 2025 6,141 2026 5,192 2027 3,339 2028 2,474 Thereafter 3,229 Total lease payments 28,235 Less: Imputed interest (3,009) Present value of operating lease liabilities 25,226 Less: Current portion (6,880) Total long-term operating lease liabilities $ 18,346 Weighted-average remaining lease term (years) 4.7 Weighted-average discount rate 6 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during 2023 (in thousands): Issued Treasury Stock Outstanding Shares of common stock outstanding – December 31, 2021 73,900 12,522 61,378 Issuance of common stock to seller of GEODynamics, Inc. 1,910 — 1,910 Restricted stock awards, net of forfeitures 778 — 778 Shares withheld for taxes on vesting of stock awards — 162 (162) Shares of common stock outstanding – December 31, 2022 76,588 12,684 63,904 Restricted stock awards, net of forfeitures 631 — 631 Shares withheld for taxes on vesting of stock awards — 206 (206) Purchases of treasury stock — 1,002 (1,002) Shares of common stock outstanding – December 31, 2023 77,219 13,892 63,327 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Consolidated income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 United States $ 3,793 $ (22,489) $ (56,665) Foreign 12,031 18,429 (16,669) Total $ 15,824 $ (4,060) $ (73,334) |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 Current: United States $ — $ 155 $ 370 U.S. state 1,135 1,191 250 Foreign 1,572 2,114 (1,322) 2,707 3,460 (702) Deferred: United States 2,061 266 (7,662) U.S. state (721) (12) (177) Foreign (1,114) 1,766 (800) 226 2,020 (8,639) Total income tax provision (benefit) $ 2,933 $ 5,480 $ (9,341) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory income tax benefit to the total income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows: 2023 2022 2021 U.S. statutory income tax provision (benefit) $ 3,323 $ (853) $ (15,400) Effect of foreign income taxed at different rates (425) 1,895 (483) Foreign income subject to U.S. taxes 931 1,876 182 Utilization of U.S. foreign tax credits (1,460) (291) — State income taxes, net of federal benefits 962 89 (1,157) Changes in valuation allowances against tax assets (see Note 16) (2,010) 19 2,410 Non-deductible compensation 1,390 627 814 Other non-deductible expenses, net 222 2,118 2,336 Release of foreign currency translation adjustments on liquidation of an international operation — — 1,957 Total income tax provision (benefit) $ 2,933 $ 5,480 $ (9,341) |
Schedule of Deferred Tax Assets and Liabilities | The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Foreign tax credit carryforwards $ 12,614 $ 19,237 Net operating loss carryforwards 23,960 44,955 Inventories 11,523 9,969 Operating lease liabilities 4,334 4,822 Employee benefits 4,442 4,327 Deferred revenue 6,437 — Other 5,770 3,357 Gross deferred tax asset 69,080 86,667 Valuation allowance (see Note 16) (29,638) (36,749) Net deferred tax asset 39,442 49,918 Deferred tax liabilities: Tax over book depreciation (14,337) (21,077) Intangible assets (26,542) (29,232) Operating lease assets (3,632) (4,013) Other (437) (731) Deferred tax liability (44,948) (55,053) Net deferred tax liability $ (5,506) $ (5,135) |
Schedule Of Deferred Tax Reclassifications | 2023 2022 Balance sheet classification: Other non-current assets $ 2,211 $ 1,517 Deferred tax liability (7,717) (6,652) Net deferred tax liability $ (5,506) $ (5,135) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below provides a reconciliation of the numerators and denominators of basic and diluted net income (loss) per share for the years ended December 31, 2023 and 2022 (in thousands, except per share amounts): 2023 2022 2021 Numerators: Net income (loss) $ 12,891 $ (9,540) $ (63,993) Less: Income attributable to unvested restricted stock awards (251) — — Numerator for basic net income (loss) per share 12,640 (9,540) (63,993) Effect of dilutive securities: Unvested restricted stock awards 2 — — Numerator for diluted net income (loss) per share $ 12,642 $ (9,540) $ (63,993) Denominators: Weighted average number of common shares outstanding 63,934 62,842 61,314 Less: Weighted average number of unvested restricted stock awards outstanding (1,244) (1,204) (1,021) Denominator for basic net income (loss) per share 62,690 61,638 60,293 Effect of dilutive securities: Performance share units 462 — — Denominator for diluted net income (loss) per share 63,152 61,638 60,293 Net income (loss) per share: Basic $ 0.20 $ (0.15) $ (1.06) Diluted 0.20 (0.15) (1.06) |
Long-Term Incentive Compensat_2
Long-Term Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents changes in restricted stock awards and related information for the year ended December 31, 2023 (shares in thousands): Service-based Restricted Stock Performance- and Service-based Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Grant Date Fair Value Total Number of Restricted Shares and Units Unvested, December 31, 2022 1,222 $ 7.12 494 $ 6.67 1,716 Granted 647 8.80 211 8.66 858 Performance adjustment (1) — — 222 6.87 222 Vested (620) 7.62 — — (620) Forfeited (16) 8.30 — — (16) Unvested, December 31, 2023 1,233 $ 7.74 927 $ 7.17 2,160 ____________________ (1) Reflects an adjustment to the number of shares issued in 2024 upon vesting of the 2021 performance-based stock awards. |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by business segment for each of the three years ended December 31, 2023, 2022 and 2021, is summarized in the following table (in thousands): Revenues Depreciation and amortization Operating income (loss) Capital expenditures Total assets 2023 Offshore/Manufactured Products (1) $ 441,263 $ 18,510 $ 65,299 $ 9,661 $ 561,174 Well Site Services (2) 242,633 25,318 13,881 19,125 191,630 Downhole Technologies (3) 98,387 16,314 (14,884) 1,399 238,901 Corporate — 636 (41,132) 468 54,782 Total $ 782,283 $ 60,778 $ 23,164 $ 30,653 $ 1,046,486 2022 Offshore/Manufactured Products (4) $ 381,723 $ 20,451 $ 45,268 $ 5,857 $ 556,769 Well Site Services 231,189 28,564 4,865 12,963 206,632 Downhole Technologies 124,794 17,628 (6,669) 1,271 255,550 Corporate — 691 (40,559) 175 45,441 Total $ 737,706 $ 67,334 $ 2,905 $ 20,266 $ 1,064,392 2021 Offshore/Manufactured Products $ 298,729 $ 22,190 $ 15,447 $ 4,628 $ 541,346 Well Site Services (5) 170,940 40,152 (34,511) 10,977 200,874 Downhole Technologies (6) 103,492 17,591 (13,470) 901 267,468 Corporate — 808 (32,258) 1,011 76,060 Total $ 573,161 $ 80,741 $ (64,792) $ 17,517 $ 1,085,748 ________________ (1) Operating income included $2.5 million of facility consolidation charges. (2) Operating income included $0.6 million in costs associated with the defense of certain patents. (3) Operating loss (4) Operating income included a $6.1 million gain on settlement of outstanding litigation. (5) Operating loss included inventory and fixed and operating lease asset impairment charges of $1.5 million and $4.2 million, respectively. (6) Operating loss included an inventory impairment charge of $2.1 million. See Note 4, “Asset Impairments and Other Charges and Benefits,” Note 5, “Details of Selected Balance Sheet Accounts,” and Note 8, “Operating Leases” for further discussion of these and other charges and benefits. |
Schedule of Supplemental Revenue Information by Segments | The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2023, 2022 and 2021 (in thousands): Offshore/Manufactured Products Well Site Services Downhole Technologies 2023 2022 2021 2023 2022 2021 2023 2022 2021 Project-driven: Products $ 189,739 $ 158,040 $ 122,097 $ — $ — $ — $ — $ — $ — Services 112,742 98,968 87,344 — — — — — — Total project-driven 302,481 257,008 209,441 — — — — — — Military and other products 32,596 32,563 24,114 — — — — — — Short-cycle: Products 106,186 92,152 65,174 — — — 90,029 102,808 87,908 Services — — — 242,633 231,189 170,940 8,358 21,986 15,584 Total short-cycle 106,186 92,152 65,174 242,633 231,189 170,940 98,387 124,794 103,492 $ 441,263 $ 381,723 $ 298,729 $ 242,633 $ 231,189 $ 170,940 $ 98,387 $ 124,794 $ 103,492 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Financial information by geographic location for the years ended December 31, 2023, 2022 and 2021, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances. United States United Kingdom Singapore Other Total 2023 Revenues from unaffiliated customers $ 594,808 $ 81,643 $ 48,131 $ 57,701 $ 782,283 Long-lived assets 407,457 79,607 6,485 41,687 535,236 2022 Revenues from unaffiliated customers $ 571,008 $ 82,687 $ 34,380 $ 49,631 $ 737,706 Long-lived assets 443,818 76,377 14,218 41,531 575,944 2021 Revenues from unaffiliated customers $ 447,002 $ 59,352 $ 35,886 $ 30,921 $ 573,161 Long-lived assets 487,749 79,723 15,202 43,459 626,133 |
Valuation Allowances (Tables)
Valuation Allowances (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation Allowance | Activity in the valuation accounts was as follows (in thousands): Balance at Beginning of Period Charged to Costs and Expenses Deductions (net of recoveries) Translation and Other, Net Balance at End of Period Year Ended December 31, 2023: Allowance for doubtful accounts receivable $ 5,226 $ (336) $ (428) $ 35 $ 4,497 Allowance for excess or obsolete inventory 37,681 5,229 (1,437) 272 41,745 Valuation allowance on deferred tax assets (1) 36,749 (2,010) (5,020) (81) 29,638 Year Ended December 31, 2022: Allowance for doubtful accounts receivable $ 4,471 $ 2,066 $ (1,266) $ (45) $ 5,226 Allowance for excess or obsolete inventory 40,440 3,739 (5,911) (587) 37,681 Valuation allowance on deferred tax assets 37,643 19 (1,027) 114 36,749 Year Ended December 31, 2021: Allowance for doubtful accounts receivable $ 8,304 $ 705 $ (3,932) $ (606) $ 4,471 Allowance for excess or obsolete inventory 40,731 4,806 (4,919) (178) 40,440 Valuation allowance on deferred tax assets 35,497 2,410 — (264) 37,643 ________________ (1) As further discussed in Note 10, “Income Taxes,” the $5.0 million reduction in the valuation allowance on deferred tax assets is attributable to the expiration of foreign tax credit carryforwards in 2023. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||||||
Jan. 01, 2021 USD ($) | Dec. 31, 2023 USD ($) renewal_option | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 19, 2021 | Dec. 31, 2020 | Jan. 30, 2018 | |
Debt Instrument [Line Items] | |||||||
Goodwill, net | $ 79,867,000 | $ 79,282,000 | |||||
Impairments of fixed and lease assets | $ 0 | 0 | $ 4,166,000 | ||||
Number of renewal options | renewal_option | 1 | ||||||
Research and development expense | $ 4,500,000 | 3,500,000 | 4,400,000 | ||||
Derivative, notional amount | $ 0 | 0 | |||||
Product warranty period minimum | 12 months | ||||||
Product warranty period maximum | 18 months | ||||||
Maximum amount of potential payment under guarantor obligation | $ 15,200,000 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | 216.8 million of remaining backlog related to contracts with an original expected duration of greater than one year | ||||||
Offshore/Manufactured Products | |||||||
Debt Instrument [Line Items] | |||||||
Goodwill, net | $ 79,867,000 | $ 79,282,000 | $ 76,412,000 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||||||
Debt Instrument [Line Items] | |||||||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 1 year | ||||||
Revenue, Remaining Performance Obligation, Percentage | 54% | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||||||
Debt Instrument [Line Items] | |||||||
Revenue, remaining performance obligation | $ 216,800,000 | ||||||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | |||||||
Revenue, Remaining Performance Obligation, Percentage | 46% | ||||||
Transferred at Point in Time | |||||||
Debt Instrument [Line Items] | |||||||
Revenue from contract with customer, percentage of revenue (as a percent) | 34% | 35% | 35% | ||||
Transferred over Time | |||||||
Debt Instrument [Line Items] | |||||||
Revenue from contract with customer, percentage of revenue (as a percent) | 66% | 65% | 65% | ||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Operating lease, extension term | 1 year | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Operating lease, extension term | 20 years | ||||||
1.5% Convertible Unsecured Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 1.50% | 1.50% | 1.50% | 1.50% | |||
1.5% Convertible Unsecured Senior Notes | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate percentage | 2% | 6% | |||||
1.5% Convertible Unsecured Senior Notes | Cumulative Effect, Period of Adoption, Adjustment | Convertible Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, increase net | $ 12,200,000 | ||||||
Decrease in deferred income taxes | 2,700,000 | ||||||
Net decrease, stockholder's equity | $ 9,500,000 | ||||||
4.75% Convertible Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 135,000,000 | ||||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | 4.75% | |||
4.75% Convertible Senior Notes | Level 2 | Fair Value | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, fair value | $ 136,300,000 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 0 | $ 8,125 | $ 0 | |
E-Flow Control Holdings Limited | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 8,100 |
Asset Impairments and Other C_3
Asset Impairments and Other Charges and Benefits - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||||
Segment recognized costs | $ 2,500 | $ 7,498 | ||
Costs associated with defense of certain patents | $ 600 | |||
Cash from litigation settlement | $ 6,900 | |||
Gain related to litigation settlement | $ 6,100 | |||
Reduction of payroll tax expense | $ 8,800 |
Asset Impairments and Other C_4
Asset Impairments and Other Charges and Benefits - Schedule of Asset Impairments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | $ 1,372 | ||
Impairments of Fixed asset, Tax | 289 | ||
Impairments of Fixed asset, After-tax Total | 1,083 | ||
Impairments of Operating lease assets | 2,794 | ||
Impairments of Operating lease assets, Tax | 587 | ||
Impairments of Operating lease assets, After-tax Total | 2,207 | ||
Impairments of Inventories | $ 0 | $ 0 | 3,581 |
Impairments of Inventories, Tax | 752 | ||
Impairments of Inventories, After-tax Total | 2,829 | ||
Impairments of Severance and restructuring costs | 2,500 | 7,498 | |
Impairments of Severance and restructuring costs, Tax | 1,573 | ||
Impairments of Severance and restructuring costs, After-tax Total | 5,925 | ||
Release of foreign currency translation adjustments on liquidation of an international operation | 9,320 | ||
Release of foreign currency translation adjustments on liquidation of an international operation, Tax | 0 | ||
Release of foreign currency translation adjustments on liquidation of an international operation, After-tax Total | $ 0 | $ 0 | 9,320 |
Corporate | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | 0 | ||
Impairments of Operating lease assets | 0 | ||
Impairments of Inventories | 0 | ||
Impairments of Severance and restructuring costs | 1,555 | ||
Release of foreign currency translation adjustments on liquidation of an international operation | 9,320 | ||
Offshore/ Manufactured Products | Operating Segments | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | 0 | ||
Impairments of Operating lease assets | 0 | ||
Impairments of Inventories | 0 | ||
Impairments of Severance and restructuring costs | 868 | ||
Release of foreign currency translation adjustments on liquidation of an international operation | 0 | ||
Well Site Services | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | 1,400 | ||
Impairments of Operating lease assets | 2,800 | ||
Impairments of Inventories | 1,500 | ||
Additional lease related liabilities | 1,900 | ||
Well Site Services | Operating Segments | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | 1,372 | ||
Impairments of Operating lease assets | 2,794 | ||
Impairments of Inventories | 1,468 | ||
Impairments of Severance and restructuring costs | 4,266 | ||
Release of foreign currency translation adjustments on liquidation of an international operation | 0 | ||
Downhole Technologies | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Inventories | 2,100 | ||
Downhole Technologies | Operating Segments | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairments of Fixed asset | 0 | ||
Impairments of Operating lease assets | 0 | ||
Impairments of Inventories | 2,113 | ||
Impairments of Severance and restructuring costs | 809 | ||
Release of foreign currency translation adjustments on liquidation of an international operation | $ 0 |
Details of Selected Balance S_3
Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 207,708 | $ 223,995 |
Allowance for doubtful accounts | (4,497) | (5,226) |
Accounts receivable, net | $ 203,211 | $ 218,769 |
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 | $ 128,405 | $ 145,540 |
Unbilled revenue | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 27,756 | 29,679 |
Contract assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 46,746 | 42,599 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 4,801 | $ 6,177 |
Details of Selected Balance S_4
Details of Selected Balance Sheet Accounts - Contract Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred revenue (contract liabilities) | $ 36,757 | $ 44,790 |
Details of Selected Balance S_5
Details of Selected Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Decrease in contract with customer, asset | $ 4,100 | $ 2,800 | |
Contract with customer, asset, decrease due to revenue recognized | 40,200 | 31,700 | |
Contract with customer, asset, reclassified to receivable | 44,300 | 34,800 | |
Increase in deferred revenue | (8,033) | 1,554 | $ (148) |
Contract with customer, liability, increase due to billings | 9,300 | 19,000 | |
Contract with customer, liability, revenue recognized | (17,600) | 17,200 | |
Impairments of inventories | 0 | 0 | 3,581 |
Depreciation | 43,600 | $ 47,000 | 60,100 |
Impairment of fixed asset | 1,372 | ||
Offshore/Manufactured Products | |||
Concentration Risk [Line Items] | |||
Carrying value of assets held for sale | $ 17,200 | ||
Well Site Services | |||
Concentration Risk [Line Items] | |||
Impairments of inventories | 1,500 | ||
Impairment of fixed asset | $ 1,400 | ||
United States | Geographic Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 66% | ||
United Kingdom | Geographic Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 12% | ||
Singapore | Geographic Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 11% |
Details of Selected Balance S_6
Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished goods and purchased products | $ 103,599 | $ 90,443 |
Work in process | 30,546 | 32,079 |
Raw materials | 109,627 | 97,817 |
Total inventories | 243,772 | 220,339 |
Allowance for excess or obsolete inventory | (41,745) | (37,681) |
Inventories, net | $ 202,027 | $ 182,658 |
Details of Selected Balance S_7
Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 754,143 | $ 1,128,834 |
Accumulated depreciation | (473,754) | (824,999) |
Property, plant, and equipment, net | 280,389 | 303,835 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 30,624 | 32,875 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 221,803 | 247,274 |
Buildings and leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 1 year | |
Buildings and leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 40 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 246,522 | 241,257 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 2 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 28 years | |
Completion-related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 159,110 | 504,770 |
Completion-related equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 2 years | |
Completion-related equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 36,115 | 33,529 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 1 year | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 52,140 | 59,076 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 3 years | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 7,829 | $ 10,053 |
Details of Selected Balance S_8
Details of Selected Balance Sheet Accounts - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred compensation plan | $ 17,255 | $ 17,551 |
Deferred financing costs | 1,109 | 1,893 |
Deferred income taxes | 2,211 | 1,517 |
Other | 2,678 | 4,726 |
Other noncurrent assets | $ 23,253 | $ 25,687 |
Details of Selected Balance S_9
Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation | $ 27,131 | $ 33,659 |
Accrued taxes, other than income taxes | 2,076 | 1,865 |
Insurance liabilities | 3,839 | 4,640 |
Accrued interest | 1,690 | 1,784 |
Accrued commissions | 3,060 | 2,302 |
Other | 6,431 | 4,807 |
Accrued liabilities | $ 44,227 | $ 49,057 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in carrying value of goodwill | ||
Goodwill, net, beginning of period | $ 79,282 | |
Goodwill, net, end of period | 79,867 | $ 79,282 |
Offshore/Manufactured Products | ||
Changes in carrying value of goodwill | ||
Goodwill, net, beginning of period | 79,282 | 76,412 |
Goodwill acquired | 4,146 | |
Foreign currency translation | 585 | (1,276) |
Goodwill, net, end of period | 79,867 | $ 79,282 |
Accumulated impairment losses | $ 86,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 17.2 | $ 20.3 | $ 20.6 |
Useful life | 10 years | 10 years 7 months 6 days | |
2024 | $ 17 | ||
2025 | 17 | ||
2026 | 17 | ||
2027 | 16 | ||
2028 | $ 15 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 263,960 | $ 263,497 |
Accumulated Amortization | 110,950 | 93,699 |
Net Carrying Amount | 153,010 | 169,798 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 141,342 | 141,179 |
Accumulated Amortization | 56,499 | 47,629 |
Net Carrying Amount | 84,843 | 93,550 |
Patents/Technology/Know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 70,113 | 69,830 |
Accumulated Amortization | 34,541 | 29,214 |
Net Carrying Amount | 35,572 | 40,616 |
Tradenames and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,505 | 52,488 |
Accumulated Amortization | 19,910 | 16,856 |
Net Carrying Amount | $ 32,595 | $ 35,632 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 136,129 | $ 152,897 |
Less: Current portion | (627) | (17,831) |
Total long-term debt | 135,502 | 135,066 |
Unamortized debt issuance costs | 1,100 | 1,900 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 133,037 | 132,164 |
Long-term debt, gross | 135,000 | 135,000 |
2023 Notes | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 17,303 |
Other debt and finance lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 3,092 | 3,430 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 0 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt Maturities Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 627 | |
2025 | 576 | |
2026 | 133,553 | |
2027 | 543 | |
2028 | 578 | |
Thereafter | 252 | |
Total debt | $ 136,129 | $ 152,897 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) $ / shares in Units, shares in Millions | 12 Months Ended | ||||||||||
Feb. 16, 2024 USD ($) | Dec. 13, 2022 | Jul. 01, 2022 USD ($) shares | Mar. 19, 2021 USD ($) $ / shares | Feb. 10, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2018 USD ($) | Jan. 30, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 15,200,000 | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 10.49 | ||||||||||
Long-term debt | 135,502,000 | $ 135,066,000 | |||||||||
Payment of promissory note to seller of GEODynamics, Inc. | $ 0 | $ 10,000,000 | $ 0 | ||||||||
Promissory note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 25,000,000 | ||||||||||
Stated interest rate (as a percent) | 2.50% | ||||||||||
Long-term debt | $ 17,500,000 | ||||||||||
Payment of promissory note to seller of GEODynamics, Inc. | $ 10,000,000 | ||||||||||
Extinguishment of debt, shares issued (in shares) | shares | 1.9 | ||||||||||
Extinguishment of debt | $ 10,300,000 | ||||||||||
Accrued interest | $ 2,200,000 | ||||||||||
4.75% Convertible Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 135,000,000 | ||||||||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | 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% | 1.50% | |||||||
Revolving Credit Facility Due January 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term line of credit | $ 0 | ||||||||||
Remaining borrowing capacity | $ 76,100,000 | ||||||||||
Revolving Credit Facility Due January 2022 | Asset-based Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 125,000,000 | ||||||||||
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 | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, springing maturity, term (in days) | 91 days | ||||||||||
Debt instrument, amount of indebtedness subject to springing maturity | $ 17,500,000 | ||||||||||
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 |
Long-term Debt - Repurchase of
Long-term Debt - Repurchase of Outstanding Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Cash Paid | $ 17,315 | $ 8,450 | $ 125,952 |
Non-cash Gains Recognized | 0 | 176 | 4,022 |
1.5% Convertible Unsecured Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal Amount | 17,315 | 8,654 | 131,400 |
Carrying Value of Liability | 17,315 | 8,626 | 129,974 |
Cash Paid | 17,315 | 8,450 | 125,952 |
Non-cash Gains Recognized | $ 0 | $ 176 | $ 4,022 |
Operating Leases - Operating Le
Operating Leases - Operating Lease Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets, net | $ 21,970 | $ 23,028 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Non-cash operating lease additions | $ 1,300 | $ 400 | $ 100 |
Impairment of operating lease assets | 2,794 | ||
Operating lease, liability | $ 25,226 | ||
Well Site Services | |||
Lessee, Lease, Description [Line Items] | |||
Impairment of operating lease assets | $ 2,800 |
Operating Leases - Operating _2
Operating Leases - Operating Lease Expense Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease expense components: | |||
Leases with initial term of greater than 12 months | $ 8,481 | $ 8,325 | $ 9,412 |
Leases with initial term of 12 months or less | 4,852 | 4,718 | 4,232 |
Total operating lease expense | $ 13,333 | $ 13,043 | $ 13,644 |
Operating Leases - Maturity Lea
Operating Leases - Maturity Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 7,860 | |
2025 | 6,141 | |
2026 | 5,192 | |
2027 | 3,339 | |
2028 | 2,474 | |
Thereafter | 3,229 | |
Total lease payments | 28,235 | |
Less: Imputed interest | (3,009) | |
Present value of operating lease liabilities | 25,226 | |
Less: Current portion | (6,880) | $ (6,142) |
Total long-term operating lease liabilities | $ 18,346 | $ 20,658 |
Weighted-average remaining lease term (years) | 4 years 8 months 12 days | |
Weighted-average discount rate | 6% |
Stockholders' Equity - Common a
Stockholders' Equity - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Feb. 16, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |
Common stock shares, authorized repurchase | $ 25,000 | |||
Stock repurchased (in shares) | 1,001,753 | |||
Stock repurchases | $ 6,900 | $ 6,867 | ||
Remaining authorized repurchase amount | $ 18,100 | $ 18,100 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Outstanding Activity (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares of common stock outstanding beginning period (in shares) | 63,904 | 61,378 |
Issuance of common stock to seller of GEODynamics, Inc. (in shares) | 1,910 | |
Restricted stock awards, net of forfeitures (in shares) | 631 | 778 |
Shares withheld for taxes on vesting of stock awards (in shares) | (206) | (162) |
Purchase of treasury stock (in shares) | (1,002) | |
Shares of common stock outstanding ending period (in shares) | 63,327 | 63,904 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ 709,545 | $ 689,558 | $ 695,826 | $ 757,631 |
Total other comprehensive income (loss) | 8,957 | (12,910) | 5,354 | |
Currency translation adjustments | $ 8,957 | $ (12,977) | (4,044) | |
United Kingdom, Pounds | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | 6% | (11.00%) | ||
Brazil, Brazil Real | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Exchange rate strengthened (weakened) | 8% | 6% | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity | $ (69,984) | $ (78,941) | $ (66,031) | $ (71,385) |
Income Taxes - Consolidated Pre
Income Taxes - Consolidated Pre-tax Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 3,793 | $ (22,489) | $ (56,665) |
Foreign | 12,031 | 18,429 | (16,669) |
Income (loss) before income taxes | $ 15,824 | $ (4,060) | $ (73,334) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Release of currency translation adjustments on liquidation of an international operation | $ 0 | $ 0 | $ 9,320,000 |
Valuation allowance | 29,638,000 | 36,749,000 | |
Foreign tax credit carryforwards | 12,614,000 | 19,237,000 | |
Foreign tax credit carryforward, valuation allowance | 11,900,000 | 16,700,000 | |
Unrecognized tax benefits | 0 | 0 | |
Income tax penalties and interest accrued | 0 | 0 | |
Net Operating Loss Carryforward | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | 17,700,000 | $ 20,000,000 | |
Foreign Tax Credits | |||
Operating Loss Carryforwards [Line Items] | |||
Reduction in valuation allowance | 5,000,000 | ||
Domestic Tax Authority | Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 10,700,000 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 184,600,000 | ||
State and Local Jurisdiction | GEODynamics, Inc. | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 8,600,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 31,300,000 | ||
Operating loss carryforwards without expiration | $ 15,600,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
United States | $ 0 | $ 155 | $ 370 |
U.S. state | 1,135 | 1,191 | 250 |
Foreign | 1,572 | 2,114 | (1,322) |
Current, Total | 2,707 | 3,460 | (702) |
Deferred: | |||
United States | 2,061 | 266 | (7,662) |
U.S. state | (721) | (12) | (177) |
Foreign | (1,114) | 1,766 | (800) |
Deferred, Total | 226 | 2,020 | (8,639) |
Total income tax provision (benefit) | $ 2,933 | $ 5,480 | $ (9,341) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory income tax provision (benefit) | $ 3,323 | $ (853) | $ (15,400) |
Effect of foreign income taxed at different rates | (425) | 1,895 | (483) |
Foreign income subject to U.S. taxes | 931 | 1,876 | 182 |
Utilization of U.S. foreign tax credits | (1,460) | (291) | 0 |
State income taxes, net of federal benefits | 962 | 89 | (1,157) |
Changes in valuation allowances against tax assets | (2,010) | 19 | 2,410 |
Non-deductible compensation | 1,390 | 627 | 814 |
Other non-deductible expenses, net | 222 | 2,118 | 2,336 |
Release of foreign currency translation adjustments on liquidation of an international operation | 0 | 0 | 1,957 |
Total income tax provision (benefit) | $ 2,933 | $ 5,480 | $ (9,341) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Foreign tax credit carryforwards | $ 12,614 | $ 19,237 |
Net operating loss carryforwards | 23,960 | 44,955 |
Inventories | 11,523 | 9,969 |
Operating lease liabilities | 4,334 | 4,822 |
Employee benefits | 4,442 | 4,327 |
Deferred revenue | 6,437 | 0 |
Other | 5,770 | 3,357 |
Gross deferred tax asset | 69,080 | 86,667 |
Valuation allowance | (29,638) | (36,749) |
Net deferred tax asset | 39,442 | 49,918 |
Deferred tax liabilities: | ||
Tax over book depreciation | (14,337) | (21,077) |
Intangible assets | (26,542) | (29,232) |
Operating lease assets | (3,632) | (4,013) |
Other | (437) | (731) |
Deferred tax liability | (44,948) | (55,053) |
Net deferred tax liability | $ (5,506) | $ (5,135) |
Income Taxes - Deferred Tax Rec
Income Taxes - Deferred Tax Reclassifications (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Other non-current assets | $ 2,211 | $ 1,517 |
Deferred tax liability | (7,717) | (6,652) |
Net deferred tax liability | $ (5,506) | $ (5,135) |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerators: | |||
Net income (loss) | $ 12,891 | $ (9,540) | $ (63,993) |
Less: Income attributable to unvested restricted stock awards | (251) | 0 | 0 |
Numerator for basic net income (loss) per share | 12,640 | (9,540) | (63,993) |
Effect of dilutive securities: | |||
Unvested restricted stock awards | 2 | 0 | 0 |
Numerator for diluted net income (loss) per share | $ 12,642 | $ (9,540) | $ (63,993) |
Denominators: | |||
Weighted average number of common shares outstanding (in shares) | 63,934 | 62,842 | 61,314 |
Less: Weighted average number of unvested restricted stock awards outstanding (in shares) | (1,244) | (1,204) | (1,021) |
Denominator for basic net income (loss) per share (in shares) | 62,690 | 61,638 | 60,293 |
Performance share units | $ 462 | $ 0 | $ 0 |
Denominator for diluted net income (loss) per share (in shares) | 63,152 | 61,638 | 60,293 |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.20 | $ (0.15) | $ (1.06) |
Diluted (in dollars per share) | $ 0.20 | $ (0.15) | $ (1.06) |
Net Income (Loss) Per Share - N
Net Income (Loss) Per Share - Narrative (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 172 | 277 | 430 |
Long-Term Incentive Compensat_3
Long-Term Incentive Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 7,000,000 | $ 6,900,000 | $ 7,900,000 |
Share-based compensation costs not yet recognized | $ 7,000,000 | ||
Vested and distributed (in shares) | 0 | 0 | 0 |
Stock option outstanding and exercised (in shares) | 158 | ||
Options, exercise price range, lower limit (in dollars per share) | $ 42.29 | ||
Options, exercise price range, upper limit (in dollars per share) | $ 58.54 | ||
Outstanding options, weighted average remaining contractual life | 7 months | ||
Deferred compensation arrangement, recorded liability | $ 1,500,000 | $ 1,500,000 | |
Deferred compensation arrangement, requisite performance period | 3 years | ||
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 | ||
Performance- and Service-based Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period (in years) | 3 years | ||
Performance-based Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of additional performance-based awards issued (as a percent) | 200% | ||
Service-based Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Number of shares available for future grant (in shares) | 3,400 | ||
Unvested restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Other than options, vested, fair value | $ 4,700,000 | $ 5,500,000 | $ 9,300,000 |
Compensation costs not yet recognized, period for recognition | 1 year 2 months 12 days |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Restricted Stock Awards and Related Information (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Service-based Restricted Stock | |
Number of Shares | |
Unvested, beginning balance (in shares) | 1,222 |
Granted (in shares) | 647 |
Performance adjustment (in shares) | 0 |
Vested (in shares) | (620) |
Forfeited (in shares) | (16) |
Unvested, ending balance (in shares) | 1,233 |
Weighted Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 7.12 |
Granted (in dollars per share) | $ / shares | 8.80 |
Performance adjustment (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 7.62 |
Forfeited (in dollars per share) | $ / shares | 8.30 |
Unvested ending balance (in dollars per share) | $ / shares | $ 7.74 |
Performance- and Service-based Stock Units | |
Number of Shares | |
Unvested, beginning balance (in shares) | 494 |
Granted (in shares) | 211 |
Performance adjustment (in shares) | 222 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Unvested, ending balance (in shares) | 927 |
Weighted Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 6.67 |
Granted (in dollars per share) | $ / shares | 8.66 |
Performance adjustment (in dollars per share) | $ / shares | 6.87 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Unvested ending balance (in dollars per share) | $ / shares | $ 7.17 |
Unvested restricted stock awards | |
Number of Shares | |
Unvested, beginning balance (in shares) | 1,716 |
Granted (in shares) | 858 |
Performance adjustment (in shares) | 222 |
Vested (in shares) | (620) |
Forfeited (in shares) | (16) |
Unvested, ending balance (in shares) | 2,160 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined contribution plan expense | $ 7,000 | $ 3,400 | $ 800 |
Deferred compensation plan | $ 17,255 | $ 17,551 |
Segments and Related Informat_3
Segments and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 782,283 | $ 737,706 | $ 573,161 |
Depreciation and amortization | 60,778 | 67,334 | 80,741 |
Operating income (loss) | 23,164 | 2,905 | (64,792) |
Capital expenditures | 30,653 | 20,266 | 17,517 |
Total assets | 1,046,486 | 1,064,392 | 1,085,748 |
Facility consolidation charges | 2,500 | 7,498 | |
Costs associated with defense of certain patents | 600 | ||
Provisions for excess and obsolete inventories | 3,200 | ||
Gain related to litigation settlement | 6,100 | ||
Impairments of inventories | 0 | 0 | 3,581 |
Impairments of fixed and lease assets | $ 0 | 0 | 4,166 |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating income (loss) | ||
Corporate | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 0 | 0 | 0 |
Depreciation and amortization | 636 | 691 | 808 |
Operating income (loss) | (41,132) | (40,559) | (32,258) |
Capital expenditures | 468 | 175 | 1,011 |
Total assets | 54,782 | 45,441 | 76,060 |
Facility consolidation charges | 1,555 | ||
Impairments of inventories | 0 | ||
Offshore/ Manufactured Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 441,263 | 381,723 | 298,729 |
Offshore/ Manufactured Products | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 441,263 | 381,723 | 298,729 |
Depreciation and amortization | 18,510 | 20,451 | 22,190 |
Operating income (loss) | 65,299 | 45,268 | 15,447 |
Capital expenditures | 9,661 | 5,857 | 4,628 |
Total assets | 561,174 | 556,769 | 541,346 |
Facility consolidation charges | 868 | ||
Impairments of inventories | 0 | ||
Well Site Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 242,633 | 231,189 | 170,940 |
Impairments of inventories | 1,500 | ||
Impairments of fixed and lease assets | 4,200 | ||
Well Site Services | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 242,633 | 231,189 | 170,940 |
Depreciation and amortization | 25,318 | 28,564 | 40,152 |
Operating income (loss) | 13,881 | 4,865 | (34,511) |
Capital expenditures | 19,125 | 12,963 | 10,977 |
Total assets | 191,630 | 206,632 | 200,874 |
Facility consolidation charges | 4,266 | ||
Impairments of inventories | 1,468 | ||
Downhole Technologies | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 98,387 | 124,794 | 103,492 |
Impairments of inventories | 2,100 | ||
Downhole Technologies | Operating Segments | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 98,387 | 124,794 | 103,492 |
Depreciation and amortization | 16,314 | 17,628 | 17,591 |
Operating income (loss) | (14,884) | (6,669) | (13,470) |
Capital expenditures | 1,399 | 1,271 | 901 |
Total assets | $ 238,901 | $ 255,550 | 267,468 |
Facility consolidation charges | 809 | ||
Impairments of inventories | $ 2,113 |
Segments and Related Informat_4
Segments and Related Information - Supplemental Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 782,283 | $ 737,706 | $ 573,161 |
Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 418,550 | 385,564 | 299,293 |
Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 363,733 | 352,142 | 273,868 |
Offshore/Manufactured Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 441,263 | 381,723 | 298,729 |
Offshore/Manufactured Products | Project-driven: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 302,481 | 257,008 | 209,441 |
Offshore/Manufactured Products | Project-driven: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 189,739 | 158,040 | 122,097 |
Offshore/Manufactured Products | Project-driven: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 112,742 | 98,968 | 87,344 |
Offshore/Manufactured Products | Military and other products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 32,596 | 32,563 | 24,114 |
Offshore/Manufactured Products | Short-cycle: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 106,186 | 92,152 | 65,174 |
Offshore/Manufactured Products | Short-cycle: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 106,186 | 92,152 | 65,174 |
Offshore/Manufactured Products | Short-cycle: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 242,633 | 231,189 | 170,940 |
Well Site Services | Project-driven: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | Project-driven: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | Project-driven: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | Military and other products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | Short-cycle: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 242,633 | 231,189 | 170,940 |
Well Site Services | Short-cycle: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Well Site Services | Short-cycle: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 242,633 | 231,189 | 170,940 |
Downhole Technologies | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 98,387 | 124,794 | 103,492 |
Downhole Technologies | Project-driven: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Downhole Technologies | Project-driven: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Downhole Technologies | Project-driven: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Downhole Technologies | Military and other products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Downhole Technologies | Short-cycle: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 98,387 | 124,794 | 103,492 |
Downhole Technologies | Short-cycle: | Products | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 90,029 | 102,808 | 87,908 |
Downhole Technologies | Short-cycle: | Services | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 8,358 | $ 21,986 | $ 15,584 |
Segments and Related Informat_5
Segments and Related Information - Financial Information by Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers | $ 782,283 | $ 737,706 | $ 573,161 |
Long-lived assets | 535,236 | 575,944 | 626,133 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers | 594,808 | 571,008 | 447,002 |
Long-lived assets | 407,457 | 443,818 | 487,749 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers | 81,643 | 82,687 | 59,352 |
Long-lived assets | 79,607 | 76,377 | 79,723 |
Singapore | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers | 48,131 | 34,380 | 35,886 |
Long-lived assets | 6,485 | 14,218 | 15,202 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from unaffiliated customers | 57,701 | 49,631 | 30,921 |
Long-lived assets | $ 41,687 | $ 41,531 | $ 43,459 |
Valuation Allowances (Details)
Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Tax Credits | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Reduction in valuation allowance | $ 5,000 | ||
Allowance for doubtful accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 5,226 | $ 4,471 | $ 8,304 |
Charged to Costs and Expenses | (336) | 2,066 | 705 |
Deductions (net of recoveries) | (428) | (1,266) | (3,932) |
Translation and Other, Net | 35 | (45) | (606) |
Balance at End of Period | 4,497 | 5,226 | 4,471 |
Allowance for excess or obsolete inventory | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 37,681 | 40,440 | 40,731 |
Charged to Costs and Expenses | 5,229 | 3,739 | 4,806 |
Deductions (net of recoveries) | (1,437) | (5,911) | (4,919) |
Translation and Other, Net | 272 | (587) | (178) |
Balance at End of Period | 41,745 | 37,681 | 40,440 |
Valuation allowance on deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 36,749 | 37,643 | 35,497 |
Charged to Costs and Expenses | (2,010) | 19 | 2,410 |
Deductions (net of recoveries) | (5,020) | (1,027) | 0 |
Translation and Other, Net | (81) | 114 | (264) |
Balance at End of Period | $ 29,638 | $ 36,749 | $ 37,643 |
Uncategorized Items - ois-20231
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |