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Segments and Related Information | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information The Company's reportable segments represent strategic business units that offer different products and services. They are managed separately as each business requires different technologies and marketing strategies. Recent acquisitions, except for the GEODynamics Acquisition, have been direct extensions to existing business segments. Accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Offshore/Manufactured Products segment designs, manufactures and markets capital equipment utilized on floating production systems, subsea pipeline infrastructure, and offshore drilling rigs and vessels, along with short-cycle and other products. Driven principally by longer-term customer investments for offshore oil and natural gas projects, project-driven product revenues include flexible bearings, advanced connector systems, high-pressure riser systems, deepwater mooring systems, cranes, subsea pipeline products and blow-out preventer stack integration. Short-cycle products manufactured by the segment include valves, elastomers and other specialty products generally used in the land-based drilling and completion markets. Other products manufactured and offered by the segment include a variety of products for use in industrial, military and other applications outside the oil and gas industry. The segment also offers a broad line of complementary, value-added services including specialty welding, fabrication, cladding and machining services, offshore installation services, and inspection and repair services. The Downhole Technologies segment, comprised of the GEODynamics business acquired in 2018, provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations. This segment designs, manufactures and markets its consumable engineered products to oilfield service as well as exploration and production companies, which are completing complex wells with longer lateral lengths, increased frac stages and more perforation clusters to increase unconventional well productivity. The Well Site Services segment provides a broad range of equipment and services that are used to drill for, establish and maintain the flow of oil and natural gas from a well throughout its life cycle. In this segment, operations primarily include completion-focused equipment and services. The segment provides solutions to its customers using its completion tools, drilling rigs and highly-trained personnel throughout its service offerings which include wireline support, frac stacks, isolation tools, downhole and extended reach activity, well testing and flowback operations, sand control and land drilling. Corporate information includes corporate expenses, such as those related to corporate governance, stock-based compensation and other infrastructure support, as well as impacts from corporate-wide decisions for which individual operating units are not evaluated. Financial information by business segment for each of the three years ended December 31, 2021, 2020 and 2019, is summarized in the following table (in thousands).
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
2021 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products | $ | 298,729 |  |  | $ | 22,190 |  |  | $ | 15,447 |  |  | $ | 4,628 |  |  | $ | 541,346 |
Downhole Technologies(1) | 103,492 |  |  | 17,591 |  |  | (13,470) |  |  | 901 |  |  | 267,468 |
Well Site Services(2) | 170,940 |  |  | 40,152 |  |  | (34,511) |  |  | 10,977 |  |  | 200,874 |
Corporate | — |  |  | 808 |  |  | (32,258) |  |  | 1,011 |  |  | 76,060 |
Total | $ | 573,161 |  |  | $ | 80,741 |  |  | $ | (64,792) |  |  | $ | 17,517 |  |  | $ | 1,085,748 |
2020 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(3) | $ | 340,300 |  |  | $ | 21,881 |  |  | $ | (80,794) |  |  | $ | 2,913 |  |  | $ | 547,962 |
Downhole Technologies(4) | 97,936 |  |  | 22,649 |  |  | (224,414) |  |  | 3,230 |  |  | 280,096 |
Well Site Services(5) | 199,839 |  |  | 53,240 |  |  | (193,388) |  |  | 6,937 |  |  | 244,932 |
Corporate | — |  |  | 773 |  |  | (35,744) |  |  | (331) |  |  | 79,270 |
Total | $ | 638,075 |  |  | $ | 98,543 |  |  | $ | (534,340) |  |  | $ | 12,749 |  |  | $ | 1,152,260 |
2019 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products | $ | 402,946 |  |  | $ | 22,842 |  |  | $ | 36,022 |  |  | $ | 7,692 |  |  | $ | 677,036 |
Downhole Technologies(6) | 182,314 |  |  | 21,247 |  |  | (164,008) |  |  | 13,808 |  |  | 529,677 |
Well Site Services(7) | 432,094 |  |  | 78,413 |  |  | (55,040) |  |  | 33,470 |  |  | 478,249 |
Corporate | — |  |  | 817 |  |  | (45,154) |  |  | 1,146 |  |  | 42,905 |
Total | $ | 1,017,354 |  |  | $ | 123,319 |  |  | $ | (228,180) |  |  | $ | 56,116 |  |  | $ | 1,727,867 |
________________ (1)Operating loss included a non-cash inventory impairment charge of $2.1 million. (2)Operating loss included non-cash inventory and fixed and operating lease asset impairment charges of $1.5 million and $4.2 million, respectively. (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, inventory and fixed and operating lease impairment charges of $192.5 million, $5.9 million and $3.6 million, respectively. (5)Operating loss included non-cash goodwill, inventory and fixed asset impairment charges of $127.1 million, $9.0 million and $8.8 million, respectively. (6)Operating loss included a non-cash goodwill impairment charge of $165.0 million. (7)Operating loss included a non-cash fixed asset impairment charge of $33.7 million. 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. No customer individually accounted for greater than 10% of the Company's 2021, 2020 or 2019 consolidated revenues or individually accounted for greater than 10% of the Company's consolidated accounts receivable at December 31, 2021. The Company's Offshore/Manufactured Products segment has numerous facilities around the world that generate both product and service revenues, and it is common for the segment to provide both installation and other services for products it manufactures. While substantially all depreciation and amortization expense for the Offshore/Manufactured Products segment relates to cost of revenues, it does not segregate or capture depreciation or amortization expense between product and service cost. For the Downhole Technologies segment, substantially all depreciation and amortization expense relates to cost of products while substantially all depreciation and amortization expense for the Well Site Services segment relates to cost of services. Operating income (loss) excludes equity in net income of unconsolidated affiliates, which is immaterial and not reported separately herein. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the years ended December 31, 2021, 2020 and 2019 (in thousands):
| Offshore/Manufactured Products |  | Downhole Technologies |  | Well Site Services |  |
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  |  |  |
Major revenue categories - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven products | $ | 122,097 |  |  | $ | 165,497 |  |  | $ | 159,205 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Completion products and services | 41,640 |  |  | 26,148 |  |  | 95,806 |  |  | 103,492 |  |  | 97,936 |  |  | 182,314 |  |  | 160,881 |  |  | 191,529 |  |  | 390,748 |  |  |  |  |
Drilling services | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,059 |  |  | 8,310 |  |  | 41,346 |  |  |  |  |
Other products | 23,534 |  |  | 21,994 |  |  | 27,416 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total short-cycle | 65,174 |  |  | 48,142 |  |  | 123,222 |  |  | 103,492 |  |  | 97,936 |  |  | 182,314 |  |  | 170,940 |  |  | 199,839 |  |  | 432,094 |  |  |  |  |
Other products and services | 111,458 |  |  | 126,661 |  |  | 120,519 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
| $ | 298,729 |  |  | $ | 340,300 |  |  | $ | 402,946 |  |  | $ | 103,492 |  |  | $ | 97,936 |  |  | $ | 182,314 |  |  | $ | 170,940 |  |  | $ | 199,839 |  |  | $ | 432,094 |  |  |  |  |
Financial information by geographic location for the years ended December 31, 2021, 2020 and 2019, is summarized below (in thousands). Revenues are attributable to countries based on the location of the entity selling the products or performing the services and include export sales. Long-lived assets are attributable to countries based on the physical location of the operations and its operating assets and do not include intercompany receivable balances.
| United States |  | United Kingdom |  | Singapore |  | Other |  | Total
2021 |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 447,002 |  |  | $ | 59,352 |  |  | $ | 35,886 |  |  | $ | 30,921 |  |  | $ | 573,161 |
Long-lived assets | 487,749 |  |  | 79,723 |  |  | 15,202 |  |  | 43,459 |  |  | 626,133 |
2020 |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 463,382 |  |  | $ | 76,808 |  |  | $ | 57,513 |  |  | $ | 40,372 |  |  | $ | 638,075 |
Long-lived assets | 554,926 |  |  | 78,622 |  |  | 16,509 |  |  | 48,883 |  |  | 698,940 |
2019 |  |  |  |  |  |  |  |  |
Revenues from unaffiliated customers | $ | 831,317 |  |  | $ | 70,641 |  |  | $ | 56,170 |  |  | $ | 59,226 |  |  | $ | 1,017,354 |
Long-lived assets | 1,046,250 |  |  | 81,855 |  |  | 18,260 |  |  | 69,372 |  |  | 1,215,737 |

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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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&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 http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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