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Segments and Related Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Downhole Technologies and Well Site Services. Financial information by operating segment for the three and nine months ended September 30, 2021 and 2020 is summarized in the following tables (in thousands).
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products | $ | 69,003 |  |  | $ | 5,662 |  |  | $ | 1,764 |  |  | $ | 677 |  |  | $ | 525,894 |
Downhole Technologies(1) | 25,527 |  |  | 4,226 |  |  | (5,035) |  |  | 378 |  |  | 275,095 |
Well Site Services | 45,998 |  |  | 9,531 |  |  | (5,250) |  |  | 2,203 |  |  | 210,601 |
Corporate | — |  |  | 238 |  |  | (7,618) |  |  | 408 |  |  | 80,309 |
Total | $ | 140,528 |  |  | $ | 19,657 |  |  | $ | (16,139) |  |  | $ | 3,666 |  |  | $ | 1,091,899 |
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products | $ | 78,674 |  |  | $ | 5,401 |  |  | $ | 3,875 |  |  | $ | 686 |  |  | $ | 541,661 |
Downhole Technologies(2) | 18,713 |  |  | 5,701 |  |  | (12,594) |  |  | 78 |  |  | 294,768 |
Well Site Services | 37,372 |  |  | 12,930 |  |  | (13,872) |  |  | 1,579 |  |  | 253,881 |
Corporate | — |  |  | 219 |  |  | (8,249) |  |  | 19 |  |  | 90,476 |
Total | $ | 134,759 |  |  | $ | 24,251 |  |  | $ | (30,840) |  |  | $ | 2,362 |  |  | $ | 1,180,786 |
________________ (1)Operating loss included a non-cash inventory impairment charge of $2.1 million. (2)Operating loss included a non-cash inventory impairment charge of $5.9 million.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products | $ | 206,520 |  |  | $ | 16,688 |  |  | $ | 7,645 |  |  | $ | 1,932 |  |  | $ | 525,894 |
Downhole Technologies(1) | 77,717 |  |  | 13,136 |  |  | (8,945) |  |  | 658 |  |  | 275,095 |
Well Site Services(2) | 127,604 |  |  | 31,641 |  |  | (26,693) |  |  | 7,410 |  |  | 210,601 |
Corporate | — |  |  | 621 |  |  | (25,526) |  |  | 977 |  |  | 80,309 |
Total | $ | 411,841 |  |  | $ | 62,086 |  |  | $ | (53,519) |  |  | $ | 10,977 |  |  | $ | 1,091,899 |
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(3) | $ | 264,782 |  |  | $ | 16,505 |  |  | $ | (82,202) |  |  | $ | 2,208 |  |  | $ | 541,661 |
Downhole Technologies(4) | 74,743 |  |  | 16,904 |  |  | (216,395) |  |  | 2,892 |  |  | 294,768 |
Well Site Services(5) | 161,173 |  |  | 41,334 |  |  | (181,746) |  |  | 6,554 |  |  | 253,881 |
Corporate | — |  |  | 563 |  |  | (25,633) |  |  | (377) |  |  | 90,476 |
Total | $ | 500,698 |  |  | $ | 75,306 |  |  | $ | (505,976) |  |  | $ | 11,277 |  |  | $ | 1,180,786 |
________________ (1)Operating loss included a non-cash inventory impairment charge of $2.1 million. (2)Operating loss included non-cash fixed and lease asset impairment charges of $3.4 million. (3)Operating loss included non-cash goodwill and inventory impairment charges of $86.5 million and $16.2 million, respectively. (4)Operating loss included non-cash goodwill and inventory impairment charges of $192.5 million and $5.9 million, respectively. (5)Operating loss included non-cash goodwill, inventory and fixed asset impairment charges of $127.1 million, $9.0 million and $8.2 million, respectively. See Note 3, "Asset Impairments and Other Restructuring Items," and Note 4, "Details of Selected Balance Sheet Accounts," for further discussion of these and other charges and benefits recognized in first nine months of 2021 and 2020. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and nine months ended September 30, 2021 and 2020 (in thousands):
| Offshore/Manufactured Products |  | Downhole Technologies |  | Well Site Services |  | Total
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Three Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Major revenue categories - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven products | $ | 25,294 |  |  | $ | 41,004 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,294 |  |  | $ | 41,004 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completion products and services | 11,544 |  |  | 3,664 |  |  | 25,527 |  |  | 18,713 |  |  | 42,714 |  |  | 34,893 |  |  | 79,785 |  |  | 57,270 |
Drilling services | — |  |  | — |  |  | — |  |  | — |  |  | 3,284 |  |  | 2,479 |  |  | 3,284 |  |  | 2,479 |
Other products | 7,138 |  |  | 4,200 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,138 |  |  | 4,200 |
Total short-cycle | 18,682 |  |  | 7,864 |  |  | 25,527 |  |  | 18,713 |  |  | 45,998 |  |  | 37,372 |  |  | 90,207 |  |  | 63,949 |
Other products and services | 25,027 |  |  | 29,806 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,027 |  |  | 29,806 |
| $ | 69,003 |  |  | $ | 78,674 |  |  | $ | 25,527 |  |  | $ | 18,713 |  |  | $ | 45,998 |  |  | $ | 37,372 |  |  | $ | 140,528 |  |  | $ | 134,759 |
| Offshore/Manufactured Products |  | Downhole Technologies |  | Well Site Services |  | Total
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Major revenue categories - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven products | $ | 78,494 |  |  | $ | 129,157 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78,494 |  |  | $ | 129,157 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completion products and services | 30,105 |  |  | 22,080 |  |  | 77,717 |  |  | 74,743 |  |  | 120,596 |  |  | 153,994 |  |  | 228,418 |  |  | 250,817 |
Drilling services | — |  |  | — |  |  | — |  |  | — |  |  | 7,008 |  |  | 7,179 |  |  | 7,008 |  |  | 7,179 |
Other products | 16,857 |  |  | 19,254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,857 |  |  | 19,254 |
Total short-cycle | 46,962 |  |  | 41,334 |  |  | 77,717 |  |  | 74,743 |  |  | 127,604 |  |  | 161,173 |  |  | 252,283 |  |  | 277,250 |
Other products and services | 81,064 |  |  | 94,291 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 81,064 |  |  | 94,291 |
| $ | 206,520 |  |  | $ | 264,782 |  |  | $ | 77,717 |  |  | $ | 74,743 |  |  | $ | 127,604 |  |  | $ | 161,173 |  |  | $ | 411,841 |  |  | $ | 500,698 |
Revenues from products and services transferred to customers over time accounted for approximately 63% and 62% of consolidated revenues for the nine months ended September 30, 2021 and 2020, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of September 30, 2021, the Company had $153.2 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 21% of this remaining backlog is expected to be recognized as revenue over the remaining three months of 2021, with an additional 38% recognized in 2022 and the balance thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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