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Business Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Schedule of Pro forma Consolidated Results of Operations | The following unaudited pro forma summary presents consolidated information of Dril-Quip as if the business combination had occurred on January 1, 2022.
|  | Pro forma twelve months ended December 31, |
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
|  | (unaudited) |
Revenues |  | $ | 478,874 |  |  | $ | 449,099 |
Net income (loss) |  | $ | 9,535 |  |  | $ | 835 |
Summary of Consideration Transferred to Acquire Great North | The following table summarizes the consideration transferred to acquire Great North:
Fair value of consideration transferred: |  | (In thousands) |
Cash |  | $ | 84,097 |
Contingent consideration |  |  | 3,571 |
Total |  | $ | 87,668 |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary purchase price allocation, which was based on fair value of assets acquired and liabilities assumed at the acquisition date, July 31, 2023: Preliminary amounts of identified assets acquired and liabilities assumed:
|  | (In thousands) |
Cash |  | $ | 1,810 |
Accounts receivable |  |  | 16,499 |
Prepaid expenses and other current assets |  |  | 609 |
Inventory |  |  | 16,068 |
Property, plant and equipment |  |  | 29,338 |
Right of use assets |  |  | 11,115 |
Intangible assets (1) |  |  | 22,263 |
Total assets acquired |  | $ | 97,702 |
Accounts payable |  |  | 7,034 |
Accrued expenses |  |  | 3,522 |
Deferred revenue |  |  | 47 |
Lease liability, long-term |  |  | 11,115 |
Deferred taxes |  |  | 5,075 |
Total liabilities assumed |  | $ | 26,793 |
Net identifiable assets acquired |  | $ | 70,909 |
Goodwill |  |  | 16,759 |
Net assets acquired |  | $ | 87,668 |
(1) Includes $4.0 million of trademarks with a weighted average useful life of 10 years, $3.6 million of patents with a weighted average useful life of 15 years, and $14.7 million of customer relationships with a weighted average useful life of 10 years. See “Goodwill and Intangible Assets,” Note 11 of Notes to the Consolidated Financial Statements for further information regarding intangible assets.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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