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Mergers and Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Acquisition [Line Items] |
Schedule of Purchase Price Consideration | The following table summarizes the consideration for the Merger (in thousands, except stock price and shares):
Fair value of shares transferred to Dril-Quip shareholders (1) |  | $ |  | 530,909 |
Fair value of replacement Dril-Quip stock-based payment awards attributable to the purchase price |  |  |  | 6,364 |
Total purchase price consideration |  | $ |  | 537,273 |
(1) The fair value of shares transferred to Dril-Quip stockholders is based on 34,452,230 shares of Dril-Quip common stock outstanding and the closing stock price of Dril-Quip common stock of $15.41 on the Closing Date.
Schedule of Preliminary Allocation to Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed and resulting Gain on Bargain Purchase | The table below presents the preliminary allocation to the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting gain on bargain purchase as of the Closing Date (in thousands):
|  |  | Preliminary Purchase Price Allocation |
Cash and restricted cash |  | $ |  | 154,312 |
Trade receivables |  |  |  | 125,155 |
Contract assets |  |  |  | 8,675 |
Inventories |  |  |  | 148,958 |
Assets held for sale |  |  |  | 1,535 |
Prepaid expenses and other current assets |  |  |  | 20,023 |
Property and equipment, net |  |  |  | 133,690 |
Right of use assets – operating |  |  |  | 21,358 |
Deferred tax asset, net |  |  |  | 124,634 |
Other long-term assets |  |  |  | 5,461 |
Total assets |  |  |  | 743,801 |
Accounts payable |  |  |  | 48,887 |
Accrued expenses |  |  |  | 28,906 |
Contract liabilities |  |  |  | 14,332 |
Operating lease liabilities - current |  |  |  | 2,080 |
Current portion of long-term debt and finance lease obligations |  |  |  | 595 |
Other current liabilities |  |  |  | 213 |
Long-term debt and finance lease obligations |  |  |  | 1,645 |
Operating lease liabilities - noncurrent |  |  |  | 15,397 |
Other long-term liabilities |  |  |  | 1,814 |
Total liabilities |  |  |  | 113,869 |
Net assets acquired |  |  |  | 629,932 |
Gain on bargain purchase |  |  |  | (92,659 | )
Total purchase consideration |  | $ |  | 537,273 |
Schedule of Unaudited Pro Forma Consolidated Results of Operations | Amounts are presented in thousands:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues | $ | 231,203 |  |  | $ | 260,433 |  |  | $ | 727,626 |  |  | $ | 728,435 |
Net income | $ | 3,962 |  |  | $ | 6,279 |  |  | $ | 35,143 |  |  | $ | 92,904 |

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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 + Details
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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 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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