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Segments and Related Information
 12 Months Ended
Dec. 31, 2022
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 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.
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.
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, 2022, 2021 and 2020, is summarized in the following table (in thousands):
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
2022
Offshore/Manufactured Products(1)
$381,723 $20,451 $45,268 $5,857 $556,769 
Well Site Services231,189 28,564 4,865 12,963 206,632 
Downhole Technologies124,794 17,628 (6,669)1,271 255,550 
Corporate— 691 (40,559)175 45,441 
Total$737,706 $67,334 $2,905 $20,266 $1,064,392 
2021
Offshore/Manufactured Products$298,729 $22,190 $15,447 $4,628 $541,346 
Well Site Services(2)
170,940 40,152 (34,511)10,977 200,874 
Downhole Technologies(3)
103,492 17,591 (13,470)901 267,468 
Corporate— 808 (32,258)1,011 76,060 
Total$573,161 $80,741 $(64,792)$17,517 $1,085,748 
2020
Offshore/Manufactured Products(4)
$340,300 $21,881 $(80,794)$2,913 $547,962 
Well Site Services(5)
199,839 53,240 (193,388)6,937 244,932 
Downhole Technologies(6)
97,936 22,649 (224,414)3,230 280,096 
Corporate— 773 (35,744)(331)79,270 
Total$638,075 $98,543 $(534,340)$12,749 $1,152,260 
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(1)Operating income included a $6.1 million gain on settlement of outstanding litigation.
(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 a non-cash inventory impairment charge of $2.1 million.
(4)Operating loss included non-cash goodwill and inventory impairment charges of $86.5 million and $16.2 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 non-cash goodwill, inventory and fixed and operating lease impairment charges of $192.5 million, $5.9 million and $3.6 million, respectively.
See Note 4, "Asset Impairments and Other Charges and Benefits," and Note 5, "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 2022, 2021 or 2020 consolidated revenues or individually accounted for greater than 10% of the Company's consolidated accounts receivable at December 31, 2022.
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, 2022, 2021 and 2020 (in thousands):
Offshore/Manufactured ProductsWell Site ServicesDownhole Technologies
202220212020202220212020202220212020
Major revenue categories -
Project-driven products$158,040 $122,097 $165,497 $— $— $— $— $— $— 
Short-cycle:
Completion products and services60,350 41,640 26,148 210,584 160,881 191,529 124,794 103,492 97,936 
Drilling services— — — 20,605 10,059 8,310 — — — 
Other products31,802 23,534 21,994 — — — — — — 
Total short-cycle92,152 65,174 48,142 231,189 170,940 199,839 124,794 103,492 97,936 
Other products and services131,531 111,458 126,661 — — — — — — 
$381,723 $298,729 $340,300 $231,189 $170,940 $199,839 $124,794 $103,492 $97,936 
Financial information by geographic location for the years ended December 31, 2022, 2021 and 2020, 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 StatesUnited KingdomSingaporeOtherTotal
2022
Revenues from unaffiliated customers$571,008 $82,687 $34,380 $49,631 $737,706 
Long-lived assets443,818 76,377 14,218 41,531 575,944 
2021
Revenues from unaffiliated customers$447,002 $59,352 $35,886 $30,921 $573,161 
Long-lived assets487,749 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 assets554,926 78,622 16,509 48,883 698,940