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Document and Entity Information - shares | 3 Months Ended |
--- | --- | ---
Mar. 31, 2024 | Apr. 29, 2024
Cover [Abstract] |  |
Entity Registrant Name | DRIL-QUIP, INC. |
Entity Central Index Key | 0001042893 |
Trading Symbol | DRQ |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q/A |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | true |
Amendment Description | Dril-Quip, Inc. (the “Company” or “Dril-Quip”) is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment” or “Form 10-Q/A”) to amend and restate certain items in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, originally filed with the Securities and Exchange Commission (the “SEC”) on May 2, 2024 (the “Original Form 10-Q”).In filing this Amendment, we are restating our previously issued Part I, Item 4. Controls and Procedures for the quarter ended March 31, 2024 to update that our disclosure controls and procedures were not effective due to the material weakness described below. In addition, we have filed an amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023 with the SEC on July 8, 2024 (such report, the “Amended 2023 Form 10-K/A” and, together with this Amendment, the “Amended Reports”). The Amended 2023 Form 10-K/A was filed to correct for a misclassification of inventory write-downs as “Restructuring and other charges" rather than being recorded as “Cost of sales" in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021 (the “Affected Period”) and other immaterial disclosure errors. All material restatement information will be included in the Amended Reports, and we do not intend to separately amend other filings that we have previously filed with the SEC.Accordingly, investors and other readers should rely only on the financial information and other disclosures regarding the periods described above in this Amendment and in any other future filings with the SEC (as applicable) and should not rely on any previously issued or filed reports, press releases, corporate presentations or similar communications relating to the periods described above.Background of the RestatementAs described in our Current Report on Form 8-K filed with the SEC on July 8, 2024, the Company received comment letters from the Division of Corporation Finance of the Securities and Exchange Commission ("SEC") on June 3, 2024 related to their review of both the Company’s Registration Statement on Form S-4 filed with the SEC on May 1, 2024 and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”), and we became aware of an error in the classification of certain inventory write-downs. We misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan. The Company classified these charges as "Restructuring and other charges"; however, these charges should have been classified in "Cost of sales" in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021, in accordance with ASC 420-10-S99-3. We have also updated other immaterial disclosure errors in this Amendment. See Note 1, Organization and Principals of Consolidation, in the Consolidated Financial Statements for additional information related to the specific items updated in this Amended Report, including descriptions of the adjustments.Internal Control ConsiderationsIn connection with the restatement of the audited Consolidated Financial Statements for the Affected Period, management re-evaluated the effectiveness of our internal control over financial reporting and identified a material weakness in our internal control over financial reporting as of December 31, 2023, described in Part II, Item 9A of the Amended 2023 Form 10-K/A. The material weakness remained in place as of March 31, 2024. As further described in Part I, Item 4 of this Amendment, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31, 2024 due to such material weakness. Items Amended in this FilingFor the convenience of the reader, this Amended Report presents the Original Report in its entirety, subject to the changes described below. The Company is filing this Amended Report in order to amend the following items (the “Amended Items”) of the Original Report:•Part I, Item 1. Notes to Financial Statements•Part I, Item 2. Management's Discussion and Analysis•Part I, Item 4. Controls and ProceduresThis Amended Report also includes revisions and updates to certain other information including, but not limited to, cross-references, an updated signature page and other conforming changes. Pursuant to the rules of the SEC, the exhibit list included in Part II, Item 6. Exhibits, Financial Statement Schedules of the Original Report has been amended and restated to include updates to applicable exhibits, consisting of currently-dated certifications. In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment includes new certifications specified in Rule 13a-14 under the Exchange Act, from the Company’s Chief Executive Officer and Chief Financial Officer dated as of the date of this Amendment. This Amendment continues to describe the conditions as of the date of the Original Form 10-Q and, except as set forth herein, we have not updated or modified the disclosures contained in the Original Form 10-Q to reflect any events that have occurred after the Original Form 10-Q. Accordingly, forward-looking statements included in this Amendment may represent management’s views as of the Original Form 10-Q and should not be assumed to be accurate as of any date thereafter. |
Entity Common Stock Shares Outstanding |  | 34,420,419
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity File Number | 001-13439 |
Entity Tax Identification Number | 74-2162088 |
Entity Address, Address Line One | 2050 West Sam Houston Parkway S. |
Entity Address, Address Line Two | Suite 1100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 77042 |
City Area Code | 713 |
Local Phone Number | 939-7711 |
Entity Incorporation, State or Country Code | DE |
Document Quarterly Report | true |
Document Transition Report | false |
Title of each class | Common Stock, $0.01 par value per share |
Security Exchange Name | NYSE |

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