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v3.23.3

Segments and Related Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information The Company operates through three operating segments: Offshore/Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three and nine months ended September 30, 2023 and 2022 is summarized in the following tables (in thousands).
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(1) | $ | 111,043 |  |  | $ | 4,921 |  |  | $ | 17,804 |  |  | $ | 2,739 |  |  | $ | 536,263 |
Well Site Services | 59,831 |  |  | 6,313 |  |  | 3,285 |  |  | 2,602 |  |  | 201,384 |
Downhole Technologies | 23,415 |  |  | 4,030 |  |  | (4,118) |  |  | 541 |  |  | 246,329 |
Corporate | — |  |  | 152 |  |  | (10,781) |  |  | 150 |  |  | 64,044 |
Total(1) | $ | 194,289 |  |  | $ | 15,416 |  |  | $ | 6,190 |  |  | $ | 6,032 |  |  | $ | 1,048,020 |
____________________ (1)Operating income included $1.6 million of facility consolidation charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(2) | $ | 96,037 |  |  | $ | 5,072 |  |  | $ | 13,373 |  |  | $ | 1,620 |  |  | $ | 540,940 |
Well Site Services | 60,509 |  |  | 6,732 |  |  | 2,359 |  |  | 4,894 |  |  | 205,018 |
Downhole Technologies | 32,848 |  |  | 4,442 |  |  | (342) |  |  | 273 |  |  | 257,676 |
Corporate | — |  |  | 167 |  |  | (10,332) |  |  | 23 |  |  | 46,736 |
Total(2) | $ | 189,394 |  |  | $ | 16,413 |  |  | $ | 5,058 |  |  | $ | 6,810 |  |  | $ | 1,050,370 |
____________________ (2)Operating income included a $6.1 million gain on settlement of outstanding litigation against certain service providers.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(3) | $ | 303,328 |  |  | $ | 14,236 |  |  | $ | 40,147 |  |  | $ | 7,936 |  |  | $ | 536,263 |
Well Site Services | 191,425 |  |  | 19,023 |  |  | 14,983 |  |  | 14,046 |  |  | 201,384 |
Downhole Technologies | 79,264 |  |  | 12,480 |  |  | (8,173) |  |  | 961 |  |  | 246,329 |
Corporate | — |  |  | 470 |  |  | (31,623) |  |  | 427 |  |  | 64,044 |
Total(3) | $ | 574,017 |  |  | $ | 46,209 |  |  | $ | 15,334 |  |  | $ | 23,370 |  |  | $ | 1,048,020 |
____________________ (3)Operating income included $1.6 million of facility consolidation charges.
| Revenues |  | Depreciation and amortization |  | Operating income (loss) |  | Capital expenditures |  | Total assets
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Offshore/Manufactured Products(4) | $ | 276,616 |  |  | $ | 15,651 |  |  | $ | 33,010 |  |  | $ | 3,093 |  |  | $ | 540,940 |
Well Site Services | 163,500 |  |  | 22,059 |  |  | (435) |  |  | 9,360 |  |  | 205,018 |
Downhole Technologies | 95,156 |  |  | 13,249 |  |  | (3,332) |  |  | 657 |  |  | 257,676 |
Corporate | — |  |  | 510 |  |  | (29,611) |  |  | 153 |  |  | 46,736 |
Total(4) | $ | 535,272 |  |  | $ | 51,469 |  |  | $ | (368) |  |  | $ | 13,263 |  |  | $ | 1,050,370 |
_______________ (4)Operating income (loss) included a $6.1 million gain on settlement of outstanding litigation against certain service providers. The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three and nine months ended September 30, 2023 and 2022 (in thousands):
| Offshore/Manufactured Products |  | Well Site Services |  | Downhole Technologies |  | Total
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Three Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 45,527 |  |  | $ | 38,911 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,527 |  |  | $ | 38,911 |
Services | 30,391 |  |  | 23,421 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,391 |  |  | 23,421 |
Total project-driven | 75,918 |  |  | 62,332 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75,918 |  |  | 62,332 |
Military and other products | 7,195 |  |  | 9,995 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,195 |  |  | 9,995 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | 27,930 |  |  | 23,710 |  |  | — |  |  | — |  |  | 21,984 |  |  | 27,127 |  |  | 49,914 |  |  | 50,837 |
Services | — |  |  | — |  |  | 59,831 |  |  | 60,509 |  |  | 1,431 |  |  | 5,721 |  |  | 61,262 |  |  | 66,230 |
Total short-cycle | 27,930 |  |  | 23,710 |  |  | 59,831 |  |  | 60,509 |  |  | 23,415 |  |  | 32,848 |  |  | 111,176 |  |  | 117,067 |
| $ | 111,043 |  |  | $ | 96,037 |  |  | $ | 59,831 |  |  | $ | 60,509 |  |  | $ | 23,415 |  |  | $ | 32,848 |  |  | $ | 194,289 |  |  | $ | 189,394 |
| Offshore/Manufactured Products |  | Well Site Services |  | Downhole Technologies |  | Total
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Project-driven: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | $ | 116,869 |  |  | $ | 113,853 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 116,869 |  |  | $ | 113,853 |
Services | 79,867 |  |  | 71,714 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79,867 |  |  | 71,714 |
Total project-driven | 196,736 |  |  | 185,567 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196,736 |  |  | 185,567 |
Military and other products | 22,157 |  |  | 23,104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,157 |  |  | 23,104 |
Short-cycle: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products | 84,435 |  |  | 67,945 |  |  | — |  |  | — |  |  | 71,645 |  |  | 79,635 |  |  | 156,080 |  |  | 147,580 |
Services | — |  |  | — |  |  | 191,425 |  |  | 163,500 |  |  | 7,619 |  |  | 15,521 |  |  | 199,044 |  |  | 179,021 |
Total short-cycle | 84,435 |  |  | 67,945 |  |  | 191,425 |  |  | 163,500 |  |  | 79,264 |  |  | 95,156 |  |  | 355,124 |  |  | 326,601 |
| $ | 303,328 |  |  | $ | 276,616 |  |  | $ | 191,425 |  |  | $ | 163,500 |  |  | $ | 79,264 |  |  | $ | 95,156 |  |  | $ | 574,017 |  |  | $ | 535,272 |
Revenues from products and services transferred to customers over time accounted for approximately 66% and 63% of consolidated revenues for the nine months ended September 30, 2023 and 2022, 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, 2023, the Company had $225.9 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 19% of this remaining backlog is expected to be recognized as revenue over the remaining three months of 2023, with an additional 51% recognized in 2024 and the balance thereafter.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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