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Segments and Related Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
In the first quarter of 2024, certain short-cycle, consumable product operations historically reported within the Offshore Manufactured Products segment were integrated into the Downhole Technologies segment (see Note 1, “Organization and Basis of Presentation”). Historical segment financial data and supplemental disaggregated revenue information for the three months ended March 31, 2023 (presented below) were conformed with the current-period segment presentation.
The Company operates through three reportable operating segments: Offshore Manufactured Products, Well Site Services and Downhole Technologies. Financial information by operating segment for the three months ended March 31, 2024 and 2023 is summarized in the following tables (in thousands).
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Three Months Ended March 31, 2024
Offshore Manufactured Products(1)
$86,857 $3,693 $10,603 $7,221 $516,039 
Well Site Services(2)
47,292 6,079 (419)2,414 179,763 
Downhole Technologies(3)
33,113 4,270 (12,079)446 278,055 
Corporate— 153 (9,282)11 41,958 
Total(1)
$167,262 $14,195 $(11,177)$10,092 $1,015,815 
____________________
(1)Operating income included $1.5 million of facility consolidation charges.
(2)Operating loss included $1.0 million in facility consolidation and other charges.
(3)Operating loss included a $10.0 million non-cash goodwill impairment charge (see Note 2, “Goodwill Impairment and Other Charges”).
RevenuesDepreciation and amortizationOperating income (loss)Capital expendituresTotal assets
Three Months Ended March 31, 2023
Offshore Manufactured Products
$80,505 $4,075 $7,698 $359 $502,263 
Well Site Services67,058 6,146 6,966 5,772 212,415 
Downhole Technologies48,636 4,868 1,873 425 302,271 
Corporate— 167 (10,662)12 33,188 
Total
$196,199 $15,256 $5,875 $6,568 $1,050,137 
The following tables provide supplemental disaggregated revenue from contracts with customers by operating segment for the three months ended March 31, 2024 and 2023 (in thousands):
Offshore Manufactured Products
Well Site ServicesDownhole TechnologiesTotal
20242023202420232024202320242023
Three Months Ended March 31
Project-driven:
Products$53,137 $48,617 $— $— $— $— $53,137 $48,617 
Services25,233 24,630 — — — — 25,233 24,630 
Total project-driven78,370 73,247 — — — — 78,370 73,247 
Military and other products8,487 7,258 — — — — 8,487 7,258 
Short-cycle products and services
— — 47,292 67,058 33,113 48,636 80,405 115,694 
$86,857 $80,505 $47,292 $67,058 $33,113 $48,636 $167,262 $196,199 
Revenues from products and services transferred to customers over time accounted for approximately 67% and 66% of consolidated revenues for the three months ended March 31, 2024 and 2023, respectively. The balance of revenues for the respective periods relates to products and services transferred to customers at a point in time. As of March 31, 2024, the Company had $203.0 million of remaining backlog related to contracts with an original expected duration of greater than one year. Approximately 43% of this remaining backlog is expected to be recognized as revenue over the remaining nine months of 2024, with an additional 33% recognized in 2025 and the balance thereafter.