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Geographic Areas | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Geographic Areas | 10. Geographic Areas The Company’s operations are organized into three geographic segments - Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has manufacturing facilities in all three of its regional headquarter locations as well as in Macae, Brazil. Eliminations of operating profits are related to intercompany inventory transfers that are deferred until shipment is made to third party customers.
|  | Three months ended June 30, |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Asia-Pacific |  |  | DQ Corporate |  |  | Total |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point in Time |  | $ | 19,437 |  |  | $ | 25,948 |  |  | $ | 3,356 |  |  | $ | 5,956 |  |  | $ | 4,706 |  |  | $ | 6,890 |  |  | $ | - |  |  | $ | - |  |  | $ | 27,499 |  |  | $ | 38,794 |
Over-Time |  |  | 24,429 |  |  |  | 11,311 |  |  |  | 8,813 |  |  |  | 2,609 |  |  |  | 1,238 |  |  |  | 3,146 |  |  |  | - |  |  |  | - |  |  |  | 34,480 |  |  |  | 17,066 |
Total Products |  |  | 43,866 |  |  |  | 37,259 |  |  |  | 12,169 |  |  |  | 8,565 |  |  |  | 5,944 |  |  |  | 10,036 |  |  |  | - |  |  |  | - |  |  |  | 61,979 |  |  |  | 55,860 |
Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Advisory |  |  | 9,674 |  |  |  | 7,781 |  |  |  | 2,592 |  |  |  | 2,127 |  |  |  | 2,472 |  |  |  | 3,787 |  |  |  | - |  |  |  | - |  |  |  | 14,738 |  |  |  | 13,695 |
Reconditioning |  |  | 3,393 |  |  |  | 2,657 |  |  |  | 672 |  |  |  | 444 |  |  |  | 793 |  |  |  | 740 |  |  |  | - |  |  |  | - |  |  |  | 4,858 |  |  |  | 3,841 |
Total Services (excluding rental tools) |  |  | 13,067 |  |  |  | 10,438 |  |  |  | 3,264 |  |  |  | 2,571 |  |  |  | 3,265 |  |  |  | 4,527 |  |  |  | - |  |  |  | - |  |  |  | 19,596 |  |  |  | 17,536 |
Leasing |  |  | 8,426 |  |  |  | 4,233 |  |  |  | 2,518 |  |  |  | 1,944 |  |  |  | 1,459 |  |  |  | 1,224 |  |  |  | - |  |  |  | - |  |  |  | 12,403 |  |  |  | 7,401 |
Total Services (including rental tools) |  |  | 21,493 |  |  |  | 14,671 |  |  |  | 5,782 |  |  |  | 4,515 |  |  |  | 4,724 |  |  |  | 5,751 |  |  |  | - |  |  |  | - |  |  |  | 31,999 |  |  |  | 24,937 |
Intercompany |  |  | 4,297 |  |  |  | 2,553 |  |  |  | 1,896 |  |  |  | 496 |  |  |  | 151 |  |  |  | 6,223 |  |  |  |  |  |  | - |  |  |  | 6,344 |  |  |  | 9,272 |
Eliminations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,344 | ) |  |  | (9,272 | ) |  |  | (6,344 | ) |  |  | (9,272 | )
Total Revenues |  | $ | 69,656 |  |  | $ | 54,483 |  |  | $ | 19,847 |  |  | $ | 13,576 |  |  | $ | 10,819 |  |  | $ | 22,010 |  |  | $ | (6,344 | ) |  | $ | (9,272 | ) |  | $ | 93,978 |  |  | $ | 80,797 |
Depreciation and amortization |  | $ | 4,658 |  |  | $ | 4,250 |  |  | $ | 1,055 |  |  | $ | 986 |  |  | $ | 1,045 |  |  | $ | 1,180 |  |  | $ | 912 |  |  | $ | 927 |  |  | $ | 7,670 |  |  | $ | 7,343 |
Income (loss) before income taxes |  | $ | 14,092 |  |  | $ | (2,175 | ) |  | $ | 2,282 |  |  | $ | 3,553 |  |  | $ | (517 | ) |  | $ | 4,800 |  |  | $ | (19,252 | ) |  | $ | (20,838 | ) |  | $ | (3,395 | ) |  | $ | (14,660 | )
During the three months ended June 30, 2022, the Company incurred additional costs under the 2021 global strategic plan. These charges were primarily related to a $2.6 million write down of our Houston corporate administrative building in DQ Corporate and other long-lived asset write-downs of $2.5 million in the Western Hemisphere. In addition, there were other charges of $0.7 million primarily related to consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees in DQ Corporate. During the three months ended June 30, 2021, we recorded restructuring and other charges of $1.0 million, consisting primarily of consulting fees in DQ Corporate.
|  | Six months ended June 30, |
|  | Western Hemisphere |  |  | Eastern Hemisphere |  |  | Asia-Pacific |  |  | DQ Corporate |  |  | Total |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point in Time |  | $ | 40,508 |  |  | $ | 54,235 |  |  | $ | 7,096 |  |  | $ | 10,809 |  |  | $ | 11,117 |  |  | $ | 15,467 |  |  | $ | - |  |  | $ | - |  |  | $ | 58,721 |  |  | $ | 80,511 |
Over-Time |  |  | 40,019 |  |  |  | 20,940 |  |  |  | 16,856 |  |  |  | 4,478 |  |  |  | 2,025 |  |  |  | 5,514 |  |  |  | - |  |  |  | - |  |  |  | 58,900 |  |  |  | 30,932 |
Total Products |  |  | 80,527 |  |  |  | 75,175 |  |  |  | 23,952 |  |  |  | 15,287 |  |  |  | 13,142 |  |  |  | 20,981 |  |  |  | - |  |  |  | - |  |  |  | 117,621 |  |  |  | 111,443 |
Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Advisory |  |  | 17,964 |  |  |  | 16,102 |  |  |  | 5,290 |  |  |  | 4,020 |  |  |  | 5,000 |  |  |  | 7,974 |  |  |  | - |  |  |  | - |  |  |  | 28,254 |  |  |  | 28,096 |
Reconditioning |  |  | 6,688 |  |  |  | 4,840 |  |  |  | 1,236 |  |  |  | 1,270 |  |  |  | 917 |  |  |  | 997 |  |  |  | - |  |  |  | - |  |  |  | 8,841 |  |  |  | 7,107 |
Total Services (excluding rental tools) |  |  | 24,652 |  |  |  | 20,942 |  |  |  | 6,526 |  |  |  | 5,290 |  |  |  | 5,917 |  |  |  | 8,971 |  |  |  | - |  |  |  | - |  |  |  | 37,095 |  |  |  | 35,203 |
Leasing |  |  | 13,627 |  |  |  | 8,671 |  |  |  | 4,471 |  |  |  | 3,072 |  |  |  | 4,301 |  |  |  | 3,647 |  |  |  | - |  |  |  | - |  |  |  | 22,399 |  |  |  | 15,390 |
Total Services (including rental tools) |  |  | 38,279 |  |  |  | 29,613 |  |  |  | 10,997 |  |  |  | 8,362 |  |  |  | 10,218 |  |  |  | 12,618 |  |  |  | - |  |  |  | - |  |  |  | 59,494 |  |  |  | 50,593 |
Intercompany |  |  | 8,206 |  |  |  | 4,777 |  |  |  | 2,460 |  |  |  | 637 |  |  |  | 1,610 |  |  |  | 8,297 |  |  |  | - |  |  |  | - |  |  |  | 12,276 |  |  |  | 13,711 |
Eliminations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12,276 | ) |  |  | (13,711 | ) |  |  | (12,276 | ) |  |  | (13,711 | )
Total |  | $ | 127,012 |  |  | $ | 109,565 |  |  | $ | 37,409 |  |  | $ | 24,286 |  |  | $ | 24,970 |  |  | $ | 41,896 |  |  | $ | (12,276 | ) |  | $ | (13,711 | ) |  | $ | 177,115 |  |  | $ | 162,036 |
Depreciation and amortization |  | $ | 9,229 |  |  | $ | 8,555 |  |  | $ | 2,075 |  |  | $ | 1,977 |  |  | $ | 2,099 |  |  | $ | 2,383 |  |  | $ | 1,826 |  |  | $ | 1,844 |  |  | $ | 15,229 |  |  | $ | 14,759 |
Income (loss) before income taxes |  | $ | 22,645 |  |  | $ | (21,551 | ) |  | $ | 2,357 |  |  | $ | 690 |  |  | $ | (177 | ) |  | $ | 15,538 |  |  | $ | (33,662 | ) |  | $ | (41,309 | ) |  | $ | (8,837 | ) |  | $ | (46,632 | )
During the six months ended June 30, 2022, the Company incurred additional costs under the 2021 global strategic plan. These charges were primarily related to a $2.6 million write down of our Houston corporate administrative building in DQ Corporate and other long-lived asset write downs of $2.5 million in the Western Hemisphere. In addition, there were other charges of $0.7 million primarily related to consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees in DQ Corporate. During the six months ended June 30, 2021, we recorded $26.0 million of restructuring and other charges. These charges were related to non-cash inventory write downs, severance charges and other charges, primarily consisting of facilities restructuring exit costs and consulting fees. Of these charges, $21.0 million was recorded in the Western Hemisphere, $1.6 million in the Eastern Hemisphere and $3.4 million in DQ Corporate.
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | (In thousands) |
Total long-lived assets: |  |  |  |  |  |
Western Hemisphere |  | $ | 302,294 |  |  | $ | 335,760 |
Eastern Hemisphere |  |  | 220,602 |  |  |  | 224,345 |
Asia-Pacific |  |  | 56,761 |  |  |  | 58,308 |
Eliminations |  |  | (353,954 | ) |  |  | (353,536 | )
Total |  | $ | 225,703 |  |  | $ | 264,877 |
Total assets: |  |  |  |  |  |
Western Hemisphere |  | $ | 868,117 |  |  | $ | 686,361 |
Eastern Hemisphere |  |  | 803,824 |  |  |  | 805,574 |
Asia-Pacific |  |  | 180,298 |  |  |  | 184,097 |
Eliminations |  |  | (878,673 | ) |  |  | (665,606 | )
Total |  | $ | 973,566 |  |  | $ | 1,010,426 |
As of June 30, 2022, the Company had recorded a $2.6 million write down of our Houston corporate administrative building in DQ Corporate and other long-lived asset write downs of $2.5 million in the Western Hemisphere. During 2021, we had recorded inventory write-downs of approximately $66.9 million. Out of these, $44.2 million were recorded in the Western Hemisphere, $13.0 million in the Asia-Pacific region and $9.7 million in the Eastern Hemisphere. Additionally, we wrote-down approximately $4.2 million of our long-lived assets in the Asia-Pacific region.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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