0001564590-20-048918 | 10-Q | XBRL Viewer

Revenue Recognition - Narrative (Details1)	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	81.40%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	18.60%
Expected timing of satisfaction period	0 years

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 359,171	$ 398,946
Trade receivables, net	93,502	107,626
Unbilled receivables	145,349	140,534
Inventories, net	219,007	205,062
Prepaids and other current assets	45,973	28,321
Total current assets	863,002	880,489
Operating lease right of use assets	7,221	5,144
Property, plant and equipment, net	239,591	258,497
Deferred income taxes	9,325	8,936
Goodwill		7,947
Intangible assets	29,895	32,245
Other assets	10,505	13,307
Total assets	1,159,539	1,206,565
Current liabilities:
Accounts payable	51,186	46,324
Accrued income taxes	6,783	4,561
Contract liabilities	7,134	6,901
Accrued compensation	8,290	13,599
Operating lease liabilities	1,257	1,314
Other accrued liabilities	26,332	24,241
Total current liabilities	100,982	96,940
Deferred income taxes	3,657	4,150
Income tax payable	9,253	8,868
Operating lease liabilities, long-term	5,952	3,801
Other long-term liabilities	2,133	2,105
Total liabilities	121,977	115,864
Contingencies (Note 12)
Stockholders' equity:
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)
Common stock:
100,000,000 shares authorized at $0.01 par value, 35,093,933 and 35,859,540 shares issued and outstanding at September 30, 2020 and December 31, 2019	363	371
Additional paid-in capital	62,331	52,870
Retained earnings	1,136,517	1,181,023
Accumulated other comprehensive losses	(161,649)	(143,563)
Total stockholders' equity	1,037,562	1,090,701
Total liabilities and stockholders' equity	$ 1,159,539	$ 1,206,565

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 14,326	$ (1,310)	$ (19,514)	$ (5,679)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	4,845	(9,621)	(18,086)	(10,311)
Total comprehensive income (loss)	$ 19,171	$ (10,931)	$ (37,600)	$ (15,990)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTSOF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Statement Of Stockholders Equity [Abstract]
Treasury stock shares (in shares)	75,737	125,888
Options exercised and awards vested (in shares)	47,712	47,712

Impairment, Restructuring and Other Charges

9 Months Ended

Sep. 30, 2020

Restructuring And Related Activities [Abstract]

Impairment, Restructuring and Other Charges

7. Impairment, Restructuring and Other Charges

Restructuring and Other Charges

As a result of unfavorable market conditions primarily due to the COVID-19 pandemic and developments in global oil markets, which triggered historically low crude oil prices and decreases in our customers’ capital budgets, we incurred additional costs under our 2018 global strategic plan primarily focused on workforce reductions and the reorganization of certain facilities during the first quarter of 2020. We expect to incur these costs associated with such plan throughout the year. These charges are reflected as "Restructuring and other charges" in our condensed consolidated statements of income (loss).

The following table summarizes the components of charges included in "Restructuring and other charges" in our condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Inventory write-down	$	-	$	-	$	17,272	$	-
Severance		-		-		8,399		1,125
Long-lived asset write-down		-		-		7,854		-
Other		602		546		1,377		2,836
	$	602	$	546	$	34,902	$	3,961

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2020 (in thousands):

	Total
Beginning balance at January 1, 2020	$	-
Additions for costs expensed		8,399
Reductions for payments		(5,799	)
Ending balance at September 30, 2020	$	2,600

Goodwill Impairment

Impairment losses consist of a full impairment of our Goodwill balance of $7.7 million, which occurred in connection with our preparation and review of financial statements during the first quarter of 2020. These charges are reflected as "Impairments" in our condensed consolidated statements of income (loss). No goodwill impairment losses were recorded for the three and nine months ended September 30, 2019.

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:

	September 30,			December 31,
	2020			2019
	(In thousands)
Raw materials and supplies	$	38,456		$	46,282
Work in progress		53,427			54,171
Finished goods		209,291			175,629
		301,174			276,082
Less: allowance for slow moving and excess inventory		(82,167	)		(71,020	)
Total inventory	$	219,007		$	205,062

Geographic Areas - Schedule of Segment Reporting (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 91,295	$ 108,227	$ 277,739	$ 306,353
Depreciation and amortization	7,908	8,304	24,721	25,155
Income (loss) before income taxes	(2,054)	2,102	(50,422)	3,185
Total long-lived assets	296,537		296,537		$ 326,076
Total assets	1,159,539		1,159,539		1,206,565
Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	32,746	59,539	99,124	163,424
Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	33,705	22,312	98,018	61,094
Intercompany
Segment Reporting Information [Line Items]
Revenues	8,395	5,102	20,715	13,840
Eliminations
Segment Reporting Information [Line Items]
Revenues	(8,395)	(5,102)	(20,715)	(13,840)
Total long-lived assets	(371,938)		(371,938)		(371,938)
Total assets	(591,965)		(591,965)		(526,142)
Western Hemisphere
Segment Reporting Information [Line Items]
Revenues	55,513	60,847	171,968	173,010
Western Hemisphere \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	16,937	30,135	54,774	81,120
Western Hemisphere \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	19,158	12,425	59,590	36,700
Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	4,831	5,327	15,254	16,183
Income (loss) before income taxes	3,339	3,882	16,516	12,291
Total long-lived assets	364,056		364,056		379,776
Total assets	776,385		776,385		732,716
Western Hemisphere \| Intercompany
Segment Reporting Information [Line Items]
Revenues	3,060	2,572	8,691	9,185
Eastern Hemisphere [Member]
Segment Reporting Information [Line Items]
Revenues	20,042	31,102	65,962	90,565
Eastern Hemisphere [Member] \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	8,033	18,514	23,834	50,458
Eastern Hemisphere [Member] \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	5,344	5,143	21,938	16,357
Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	882	970	2,808	3,198
Income (loss) before income taxes	3,255	11,627	(27,415)	25,529
Total long-lived assets	235,521		235,521		246,854
Total assets	785,576		785,576		818,803
Eastern Hemisphere [Member] \| Intercompany
Segment Reporting Information [Line Items]
Revenues	1,006	72	2,026	418
Asia Pacific
Segment Reporting Information [Line Items]
Revenues	24,135	21,380	60,524	56,618
Asia Pacific \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	7,776	10,890	20,516	31,846
Asia Pacific \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	9,203	4,744	16,490	8,037
Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	1,265	1,240	3,859	3,637
Income (loss) before income taxes	5,396	6,051	12,580	17,951
Total long-lived assets	68,898		68,898		71,384
Total assets	189,543		189,543		$ 181,188
Asia Pacific \| Intercompany
Segment Reporting Information [Line Items]
Revenues	4,329	2,458	9,998	4,237
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues	(8,395)	(5,102)	(20,715)	(13,840)
Depreciation and amortization	930	767	2,800	2,137
Income (loss) before income taxes	(14,044)	(19,458)	(52,103)	(52,586)
Corporate, Non-Segment \| Eliminations
Segment Reporting Information [Line Items]
Revenues	(8,395)	(5,102)	(20,715)	(13,840)
Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	66,451	81,851	197,142	224,518
Products \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	36,095	42,560	114,364	117,820
Products \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,377	23,657	45,772	66,815
Products \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,979	15,634	37,006	39,883
Technical Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,004	13,516	42,516	40,877
Technical Advisory \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	8,317	8,165	26,169	22,118
Technical Advisory \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,285	3,301	7,718	11,428
Technical Advisory \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,402	2,050	8,629	7,331
Reconditioning \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	4,774	4,368	14,826	12,059
Reconditioning \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,657	2,892	8,925	7,945
Reconditioning \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,404	1,353	3,902	3,100
Reconditioning \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	713	123	1,999	1,014
Total Services (excluding rental tools) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	17,778	17,884	57,342	52,936
Total Services (excluding rental tools) \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,974	11,057	35,094	30,063
Total Services (excluding rental tools) \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,689	4,654	11,620	14,528
Total Services (excluding rental tools) \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,115	2,173	10,628	8,345
Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,066	8,492	23,255	28,899
Leasing \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,384	4,658	13,819	15,942
Leasing \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,970	2,719	6,544	8,804
Leasing \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(288)	1,115	2,892	4,153
Total Services (including rental tools) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	24,844	26,376	80,597	81,835
Total Services (including rental tools) \| Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,358	15,715	48,913	46,005
Total Services (including rental tools) \| Eastern Hemisphere [Member] \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,659	7,373	18,164	23,332
Total Services (including rental tools) \| Asia Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 2,827	$ 3,288	$ 13,520	$ 12,498

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Revenue from Contract with Customer Excludes Leasing

Revenues from contracts with customers (excludes leasing) consisted of the following:

	Three months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	36,095	$	42,561	$	13,377	$	23,656	$	16,979	$	15,634	$	66,451	$	81,851
Service Revenues		10,974		11,057		3,689		4,654		3,115		2,173		17,778		17,884
Total	$	47,069	$	53,618	$	17,066	$	28,310	$	20,094	$	17,807	$	84,229	$	99,735

	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	114,364	$	117,820	$	45,772	$	66,815	$	37,006	$	39,883	$	197,142	$	224,518
Service Revenues		35,094		30,063		11,620		14,528		10,628		8,345		57,342		52,936
Total	$	149,458	$	147,883	$	57,392	$	81,343	$	47,634	$	48,228	$	254,484	$	277,454

Schedule of Contract Asset and Liability

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2019	$	136,332
Additions		95,973
Transfers to Trade Receivables, Net		(89,834	)
Contract Assets at September 30, 2020	$	142,471

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		3,596
Revenue Recognized		(3,423	)
Contract Liabilities at September 30, 2020	$	7,074

Commitments and Contingencies (Details) - Brazil $ in Millions	2 Months Ended
	Jan. 31, 2011 USD ($) assessment	Dec. 31, 2016 USD ($)	Dec. 31, 2014 USD ($)
Commitments And Contingencies [Line Items]
Number of tax assessments \| assessment	2
Value of assessments served on Brazilian subsidiary	$ 13.0
Court deposit		$ 8.8	$ 8.8

Geographic Areas

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Geographic Areas

10. Geographic Areas

The Company’s operations are organized into three geographic segments - Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all three of its regional headquarter locations as well as in Macae, Brazil.

Eliminations of operating profits are related to intercompany inventory transfers that are deferred until shipment is made to third party customers.

	Three months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia-Pacific					DQ Corporate						Total
	2020		2019		2020		2019		2020			2019		2020			2019			2020			2019
	(In thousands)
Revenues
Products
Point in Time	$	16,937	$	30,135	$	8,033	$	18,514	$	7,776		$	10,890	$	-		$	-		$	32,746		$	59,539
Over Time		19,158		12,425		5,344		5,143		9,203			4,744		-			-			33,705			22,312
Total Products		36,095		42,560		13,377		23,657		16,979			15,634		-			-			66,451			81,851
Services
Technical Advisory		8,317		8,165		2,285		3,301		2,402			2,050		-			-			13,004			13,516
Reconditioning		2,657		2,892		1,404		1,353		713			123		-			-			4,774			4,368
Total Services (excluding rental tools)		10,974		11,057		3,689		4,654		3,115			2,173		-			-			17,778			17,884
Leasing		5,384		4,658		1,970		2,719		(288	)		1,115		-			-			7,066			8,492
Total Services (including rental tools)		16,358		15,715		5,659		7,373		2,827			3,288		-			-			24,844			26,376
Intercompany		3,060		2,572		1,006		72		4,329			2,458					-			8,395			5,102
Eliminations		-		-		-		-		-			-		(8,395	)		(5,102	)		(8,395	)		(5,102	)
Total Revenues	$	55,513	$	60,847	$	20,042	$	31,102	$	24,135		$	21,380	$	(8,395	)	$	(5,102	)	$	91,295		$	108,227
Depreciation and amortization	$	4,831	$	5,327	$	882	$	970	$	1,265		$	1,240	$	930		$	767		$	7,908		$	8,304
Income (loss) before income taxes	$	3,339	$	3,882	$	3,255	$	11,627	$	5,396		$	6,051	$	(14,044	)	$	(19,458	)	$	(2,054	)	$	2,102

During the three months ended September 30, 2020, we recorded restructuring and other charges of $0.6 million, consisting primarily of consulting fees in DQ Corporate. During the three months ended September 30, 2019, we recorded restructuring and other charges of $0.5 million, consisting primarily of consulting fees in DQ Corporate.

	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere					Asia-Pacific				DQ Corporate						Total
	2020		2019		2020			2019		2020		2019		2020			2019			2020			2019
	(In thousands)
Revenues
Products
Point in Time	$	54,774	$	81,120	$	23,834		$	50,458	$	20,516	$	31,846	$	-		$	-		$	99,124		$	163,424
Over Time		59,590		36,700		21,938			16,357		16,490		8,037		-			-			98,018			61,094
Total Products		114,364		117,820		45,772			66,815		37,006		39,883		-			-			197,142			224,518
Services
Technical Advisory		26,169		22,118		7,718			11,428		8,629		7,331		-			-			42,516			40,877
Reconditioning		8,925		7,945		3,902			3,100		1,999		1,014		-			-			14,826			12,059
Total Services (excluding rental tools)		35,094		30,063		11,620			14,528		10,628		8,345		-			-			57,342			52,936
Leasing		13,819		15,942		6,544			8,804		2,892		4,153		-			-			23,255			28,899
Total Services (including rental tools)		48,913		46,005		18,164			23,332		13,520		12,498		-			-			80,597			81,835
Intercompany		8,691		9,185		2,026			418		9,998		4,237		-			-			20,715			13,840
Eliminations		-		-		-			-		-		-		(20,715	)		(13,840	)		(20,715	)		(13,840	)
Total	$	171,968	$	173,010	$	65,962		$	90,565	$	60,524	$	56,618	$	(20,715	)	$	(13,840	)	$	277,739		$	306,353
Depreciation and amortization	$	15,254	$	16,183	$	2,808		$	3,198	$	3,859	$	3,637	$	2,800		$	2,137		$	24,721		$	25,155
Income (loss) before income taxes	$	16,516	$	12,291	$	(27,415	)	$	25,529	$	12,580	$	17,951	$	(52,103	)	$	(52,586	)	$	(50,422	)	$	3,185

During the nine months ended September 30, 2020, we recorded impairments, restructuring and other charges of $42.6 million. Of these charges, $32.1 million was recorded in the Eastern Hemisphere, $3.2 million in the Western Hemisphere, $7.1 million in DQ Corporate and $0.2 million in Asia-Pacific. During the nine months ended September 30, 2019, we recorded $4.0 million of restructuring and other charges, primarily related to consulting fees, and an approximate $1.1 million payout to our former Chief Operating Officer, pursuant to a separation agreement entered into with him during the first quarter of 2019.

	September 30, 2020			December 31, 2019
	(In thousands)
Total long-lived assets:
Western Hemisphere	$	364,056		$	379,776
Eastern Hemisphere		235,521			246,854
Asia-Pacific		68,898			71,384
Eliminations		(371,938	)		(371,938	)
Total	$	296,537		$	326,076

Total assets:
Western Hemisphere	$	776,385		$	732,716
Eastern Hemisphere		785,576			818,803
Asia-Pacific		189,543			181,188
Eliminations		(591,965	)		(526,142	)
Total	$	1,159,539		$	1,206,565

As of September 30, 2020, we wrote down $25.1 million related to inventory and long-lived assets balances, with $22.3 million recorded in the Eastern Hemisphere and $2.8 million in the Western Hemisphere. We also recorded a full impairment of our goodwill balance of $7.7 million during the first quarter of 2020, all of which was in the Eastern Hemisphere.

- 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

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+ Details

Stock-Based Compensation and Stock Awards

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation and Stock Awards

5. Stock-Based Compensation and Stock Awards

During the three and nine months ended September 30, 2020, the Company recognized approximately $3.0 million and $9.5 million, respectively, of stock-based compensation expense. Stock-based compensation is included in "Selling, general and administrative" in our accompanying condensed consolidated statements of income (loss) and "Additional paid-in capital" in our accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2019, the Company recognized approximately $7.7 million and $15.7 million, respectively, which includes approximately $1.8 million related to accelerated vesting of restricted stock awards and approximately $2.4 million related to continued vesting of performance share units pursuant to a separation agreement with our former Chief Operating Officer entered into during the first quarter of 2019. No stock-based compensation expense was capitalized during the three and nine months ended September 30, 2020 or 2019.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, impairment of our goodwill and asset recoverability tests and inventories.

Revenue Recognition

The Company generates revenues through the sale of products, the sale of services and the leasing of running tools. The Company normally negotiates contracts for products, including those accounted for under the over time method, rental tools and services separately. Modifications to the scope and price of sales contracts may occur in the form of variations and change orders. For all product sales, it is the customer’s decision as to the timing of the product installation, as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may instead choose to use a third party or its own personnel.

Lease revenues

The Company earns lease revenues from the rental of running tools and rental of its forging facility. Rental revenues are recognized within leasing revenues on a day rate basis over the lease term, which is generally between one to three months. Rental revenue from the forging facility is recognized on a straight-line basis over the expected life of the lease. Lease revenues from rental of running tools for the three and nine months ended September 30, 2020 were $6.6 million and $21.7 million, respectively, and lease revenues from rental of facilities were $0.5 million and $1.6 million, respectively, for the same period.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.

Goodwill and indefinite-lived intangible assets

For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. We complete our annual impairment test for goodwill and other indefinite-lived intangibles using an assessment date of October 1. Goodwill is reviewed for impairment by comparing the carrying value of each of our reporting unit’s net assets, including allocated goodwill, to the estimated fair value of the reporting unit. We determine the fair value of our reporting units using a discounted cash flow approach. We selected this valuation approach because we believe it, combined with our best judgment regarding underlying assumptions and estimates, provides the best estimate of fair value for each of our reporting units. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, future operating margins, the weighted average cost of capital ("discount rates"), a terminal growth value, and future market conditions, among others. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its calculated fair value, we recognize a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As a result, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements during the first quarter of 2020. Based on this analysis, we fully impaired our goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit.

Impairment of Long-Lived Assets

Long-lived assets, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate our property and equipment and definite-lived intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgements regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result.

Restructuring and Other Charges

During 2020, the overall offshore market conditions declined as a result of the COVID-19 pandemic and developments in global oil markets. As such, we incurred additional costs under our existing 2018 global strategic plan to realign our manufacturing facilities globally. We incurred restructuring and other charges of $0.6 million primarily related to consulting fees for the three months ended September 30, 2020. We incurred restructuring and other charges of $34.9 million related to non-cash inventory write-downs, long-lived asset write-downs, severance and other charges of approximately $17.3 million, $7.8 million, $8.4 million and $1.4 million, respectively, for the nine months ended September 30, 2020. These charges are reflected as "Restructuring and other charges" in our condensed consolidated statements of income (loss).

In the third quarter of 2018, we initiated a global strategic plan to better align our operations with market conditions and finalized this plan during the second quarter of 2019. As a result of this plan, during the three and nine months ended September 30, 2019, we incurred restructuring charges of approximately $0.5 million and $4.0 million, respectively. All of these charges primarily relate to employee termination benefits and consulting fees.

Treasury Shares

On February 26, 2019, the Board of Directors authorized a share repurchase plan under which the Company can repurchase up to $100 million of its common stock. The repurchase plan has no set expiration date, and any repurchased shares are expected to be cancelled. For the three months ended September 30, 2020, the Company purchased no shares under the share repurchase plan. For the nine months ended September 30, 2020, the Company purchased 808,389 shares under the share repurchase plan at an average price of approximately $30.91 per share totaling approximately $25.0 million and has retired such shares.

For the three month period ended September 30, 2019, the Company purchased 75,737 shares under the share repurchase plan at an average price of approximately $44.45 per share totaling approximately $3.4 million and has retired such shares. For the nine-month period ended September 30, 2019, the Company purchased 125,888 shares under the share repurchase plan at an average price of approximately $42.60 per share totaling approximately $5.4 million and has retired such shares.

Earnings Per Share

Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock awards using the treasury stock method.

In each relevant period, the net income used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Weighted average common shares outstanding – basic		35,049		35,559		35,255		35,827
Dilutive effect of common stock awards		200		-		-		-
Weighted average common shares outstanding – diluted		35,249		35,559		35,255		35,827

For the three and nine months ended September 30, 2020 and 2019, the Company has excluded the following common stock options and awards because their impact on the income/(loss) per share is anti-dilutive (in thousands on a weighted average basis):

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Director stock awards		-		39		45		37
Stock options		-		170		122		200
Performance share units		9		298		276		298
Restricted stock awards		7		332		326		343

Reclassifications

We reclassified approximately $1.1 million and $2.1 million of foreign currency transaction gains for the three and nine months ended September 30, 2019, respectively, from selling, general and administrative to foreign currency transaction (gains) and losses. These reclassifications did not have an impact on our condensed consolidated statements of income (loss), condensed consolidated balance sheets, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of stockholders’ equity and condensed consolidated statements of cash flows.

During the three months ended September 30, 2019, the Company identified errors related to a product contract in which the performance obligation was satisfied in the three months ended June 30, 2019 and product costs of sales were incorrectly eliminated at June 30, 2019. The Company recorded in the three months ended September 30, 2019 out-of-period adjustments, which increased product revenue by $3.4 million and decreased net income (loss) by $1.5 million. Management determined the errors were not material to the previously issued condensed consolidated interim financial statements as of and for the three and six months ended June 30, 2019. In addition, the correction of the errors in the three months ended September 30, 2019 was not material on either a quantitative basis or a qualitative basis.

Inventories, net

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories, net

6. Inventories, net

Inventories consist of the following:

	September 30,			December 31,
	2020			2019
	(In thousands)
Raw materials and supplies	$	38,456		$	46,282
Work in progress		53,427			54,171
Finished goods		209,291			175,629
		301,174			276,082
Less: allowance for slow moving and excess inventory		(82,167	)		(71,020	)
Total inventory	$	219,007		$	205,062

Impairment, Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring And Related Activities [Abstract]
Beginning balance	$ 0
Additions for costs expensed	8,399
Reductions for payments	(5,799)
Ending balance	$ 2,600

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 145,349	$ 140,534
Performance obligation	76,500
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 106,300	$ 83,200

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (10,319)	$ (8,165)
Finite-Lived, Foreign Currency Translation	(115)	176
Indefinite-lived, Gross Book Value	179	172
Indefinite-lived Intangible Assets, Foreign Currency Translation	(4)	7
Indefinite-lived Intangible, Net Book Value	175	179
Indefinite and Finite-Lived, Gross Book Value	40,329	40,234
Indefinite and Finite-Lived, Net Book Value	$ 29,895	$ 32,245
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,084	$ 8,159
Accumulated Amortization	(823)	(512)
Finite-Lived, Foreign Currency Translation	(32)	47
Finite-Lived, Net Book Value	7,229	7,694
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	5,952	5,945
Accumulated Amortization	(2,557)	(2,529)
Finite-Lived, Foreign Currency Translation	(3)
Finite-Lived, Net Book Value	$ 3,392	$ 3,416
Patents \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Patents \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	30 years	30 years
Customer relationships
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 25,943	$ 25,787
Accumulated Amortization	(6,768)	(4,954)
Finite-Lived, Foreign Currency Translation	(76)	122
Finite-Lived, Net Book Value	$ 19,099	$ 20,955
Customer relationships \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	5 years	5 years
Customer relationships \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Non-compete agreements
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Finite-Lived, Gross Book Value	$ 171	$ 171
Accumulated Amortization	$ (171)	(170)
Finite-Lived, Net Book Value		$ 1

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Entity Registrant Name	DRIL-QUIP, INC.
Entity Central Index Key	0001042893
Trading Symbol	DRQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock Shares Outstanding		35,095,795
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-13439
Entity Tax Identification Number	74-2162088
Entity Address, Address Line One	6401 N. ELDRIDGE PARKWAY
Entity Address, City or Town	HOUSTON
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77041
City Area Code	713
Local Phone Number	939-7711
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	39	45	37
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	170	122	200
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	9	298	276	298
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7	332	326	343

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Contingencies

Brazilian Tax Issue

From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through, and paid taxes on such imports to, the State of Espirito Santo in Brazil. Upon the final sale of these goods, the Company’s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company’s understanding of Brazilian tax laws.

In December 2010 and January 2011, the Company’s Brazilian subsidiary was served with two assessments totaling approximately $13.0 million from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo on the importation of goods from July 2005 to October 2007. The Company objected to these assessments on the grounds that they would represent double taxation on the importation of the same goods and that the Company is entitled to the credits under applicable Brazilian law. The Company’s Brazilian subsidiary filed appeals with a State of Rio de Janeiro judicial court to annul both of these tax assessments and deposited with the court approximately $8.8 million in December 2014 and December 2016 as the full amount of the assessments with penalties and interest. The first level judicial court has ruled against the Company in each of these cases and the Company has appealed both of those rulings. The Company believes that these credits are valid and that success in the judicial court process is probable despite the unfavorable rulings at the lower court level. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter.

FMC Technologies Lawsuit

On October 5, 2020, FMC Technologies, Inc. (“FMC”) sued the Company alleging misappropriation of trade secrets and seeking money damages and injunctive relief in the 127th District Court of Harris County in an action styled FMC Technologies, Inc. v. Richard Murphy and Dril-Quip, Inc., Cause No. 2020-63081. FMC alleges that its former employee communicated FMC trade secrets to the Company prior to being hired by the Company and that the Company used those trade secrets in its VXTe subsea tree systems. The Company denies these allegations and intends to vigorously defend against this lawsuit. The Company has not accrued any liability in conjunction with this matter.

General

The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and is dependent on the condition of the oil and gas industry. Additionally, certain of the Company’s products are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, property damage and environmental claims. Although exposure to such risks have not resulted in any significant problems in the past, there can be no assurance that ongoing and future developments will not adversely impact the Company.

The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	35,093,933	35,859,540
Common stock, shares outstanding (in shares)	35,093,933	35,859,540

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Losses
Beginning Balance at Dec. 31, 2018	$ 1,096,162	$ 376	$ 34,953	$ 1,205,946	$ (145,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(10,311)				(10,311)
Net income (loss)	(5,679)			(5,679)
Comprehensive income (loss)	(15,990)
Repurchase of common stock	(5,365)	(1)		(5,364)
Options exercised and awards vested	2,182	1	2,181
Stock option expense	15,746		15,746
Other	(63)		16	(79)
Ending Balance at Sep. 30, 2019	1,092,672	376	52,896	1,194,824	(155,424)
Beginning Balance at Jun. 30, 2019	1,097,128	376	43,053	1,199,502	(145,803)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(9,621)				(9,621)
Net income (loss)	(1,310)			(1,310)
Comprehensive income (loss)	(10,931)
Repurchase of common stock	(3,368)	(1)		(3,367)
Options exercised and awards vested	2,182	1	2,181
Stock option expense	7,663		7,663
Other	(2)		(1)	(1)
Ending Balance at Sep. 30, 2019	1,092,672	376	52,896	1,194,824	(155,424)
Beginning Balance at Dec. 31, 2019	1,090,701	371	52,870	1,181,023	(143,563)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	(18,086)				(18,086)
Net income (loss)	(19,514)			(19,514)
Comprehensive income (loss)	(37,600)
Repurchase of common stock	(25,000)	(8)		(24,992)
Stock option expense	9,461		9,461
Ending Balance at Sep. 30, 2020	1,037,562	363	62,331	1,136,517	(161,649)
Beginning Balance at Jun. 30, 2020	1,015,387	363	59,327	1,122,191	(166,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment	4,845				4,845
Net income (loss)	14,326			14,326
Comprehensive income (loss)	19,171
Stock option expense	3,004		3,004
Ending Balance at Sep. 30, 2020	$ 1,037,562	$ 363	$ 62,331	$ 1,136,517	$ (161,649)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Impairment, Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring And Related Activities [Abstract]
Inventory write-down	$ 0	$ 0	$ 17,272	$ 0
Severance	0	0	8,399	1,125
Long-lived asset write-down	0	0	7,854	0
Other	602	546	1,377	2,836
Total impairment, restructuring and other charges	$ 602	$ 546	$ 34,902	$ 3,961

Impairment, Restructuring and Other Charges (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring And Related Activities [Abstract]

Schedule of Impairment, Restructuring and Other Charges

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Inventory write-down	$	-	$	-	$	17,272	$	-
Severance		-		-		8,399		1,125
Long-lived asset write-down		-		-		7,854		-
Other		602		546		1,377		2,836
	$	602	$	546	$	34,902	$	3,961

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2020 (in thousands):

	Total
Beginning balance at January 1, 2020	$	-
Additions for costs expensed		8,399
Reductions for payments		(5,799	)
Ending balance at September 30, 2020	$	2,600

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Contract Assets
Contract Assets at December 31, 2019	$ 136,332
Additions	95,973
Transfers to Trade Receivables, Net	(89,834)
Contract Assets at September 30, 2020	142,471
Contract Liabilities
Contract Liabilities at December 31, 2019	6,901
Contract Liabilities at September 30, 2020	7,134
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2019	6,901
Additions	3,596
Revenue Recognized	(3,423)
Contract Liabilities at September 30, 2020	$ 7,074

Asset Backed Loan (ABL) Credit Facility

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Asset Backed Loan (ABL) Credit Facility

9. Asset Backed Loan (ABL) Credit Facility

On February 23, 2018, the Company, as borrower, and the Company’s subsidiaries TIW and Honing, Inc., as guarantors, entered into a five-year senior secured revolving credit facility (the “ABL Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and other financial institutions, as lenders with total commitments of $100.0 million, including up to $10.0 million available for letters of credit. The maximum amount that the Company may borrow under the ABL Credit Facility is subject to the borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments.

All obligations under the ABL Credit Facility are fully and unconditionally guaranteed jointly and severally by the Company, TIW, Honing, Inc., and future significant domestic subsidiaries, subject to customary exceptions. Borrowings under the ABL Credit Facility are secured by liens on substantially all of the Company’s personal property, and bear interest at the Company’s option at either (i) the CB Floating Rate (as defined therein), calculated as the rate of interest publicly announced by JPMorgan Chase Bank, N.A., as its “prime rate,” subject to each increase or decrease in such prime rate effective as of the date such change occurs, with such CB Floating Rate not being less than Adjusted One Month LIBOR (as defined therein) or (ii) the Adjusted LIBOR (as defined therein), plus, in each case, an applicable margin. The applicable margin ranges from 1.00% to 1.50% per annum for CBFR loans and 2.00% to 2.50% per annum for Eurodollar loans and, in each case, is based on the Company’s leverage ratio. The unused portion of the ABL Credit Facility is subject to a commitment fee that varies from 0.250% to 0.375% per annum, according to the average unused commitments under the ABL Credit Facility. Interest on Eurodollar loans is payable at the end of the selected interest period, but no less frequently than quarterly. Interest on CB Floating Rate loans is payable monthly in arrears.

The ABL Credit Facility contains various covenants and restrictive provisions that limit the Company’s ability to, among other things, (1) enter into asset sales; (2) incur additional indebtedness; (3) make investments or loans and create liens; (4) pay certain dividends or make other distributions; and (5) engage in transactions with affiliates. The ABL Credit Facility also requires the Company to maintain a fixed charge coverage ratio of 1.1 to 1.0, based on the ratio of EBITDA (as defined therein) to Fixed Charges (as defined therein) during certain periods, including when availability under the ABL Credit Facility is under certain levels. If the Company fails to perform its obligations under the agreement that results in an event of default, the commitments under the ABL Credit Facility could be terminated and any outstanding borrowings under the ABL Credit Facility may be declared immediately due and payable. The ABL Credit Facility also contains cross default provisions that apply to the Company’s other indebtedness. The Company is in compliance with the related covenants as of September 30, 2020.

As of September 30, 2020, the availability under the ABL Credit Facility was $44.6 million, after taking into account the outstanding letters of credit of approximately $1.0 million issued under the facility.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets

Intangible assets consist of the following:

		September 30, 2020
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,084	$	(823	)	$	(32	)	$	7,229
Patents	15 - 30 years		5,952		(2,557	)		(3	)		3,392
Customer relationships	5 - 15 years		25,943		(6,768	)		(76	)		19,099
Non-compete agreements	3 years		171		(171	)		-			-
Organizational costs	indefinite		179		-			(4	)		175
		$	40,329	$	(10,319	)	$	(115	)	$	29,895

		December 31, 2019
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation		Net Book Value
		(In thousands)
Trademarks	15 years	$	8,159	$	(512	)	$	47	$	7,694
Patents	15 - 30 years		5,945		(2,529	)		-		3,416
Customer relationships	5 - 15 years		25,787		(4,954	)		122		20,955
Non-compete agreements	3 years		171		(170	)		-		1
Organizational costs	indefinite		172		-			7		179
		$	40,234	$	(8,165	)	$	176	$	32,245

Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets consist of the following:

		September 30, 2020
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,084	$	(823	)	$	(32	)	$	7,229
Patents	15 - 30 years		5,952		(2,557	)		(3	)		3,392
Customer relationships	5 - 15 years		25,943		(6,768	)		(76	)		19,099
Non-compete agreements	3 years		171		(171	)		-			-
Organizational costs	indefinite		179		-			(4	)		175
		$	40,329	$	(10,319	)	$	(115	)	$	29,895

		December 31, 2019
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation		Net Book Value
		(In thousands)
Trademarks	15 years	$	8,159	$	(512	)	$	47	$	7,694
Patents	15 - 30 years		5,945		(2,529	)		-		3,416
Customer relationships	5 - 15 years		25,787		(4,954	)		122		20,955
Non-compete agreements	3 years		171		(170	)		-		1
Organizational costs	indefinite		172		-			7		179
		$	40,234	$	(8,165	)	$	176	$	32,245

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of Earnings Per Share

The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Weighted average common shares outstanding – basic		35,049		35,559		35,255		35,827
Dilutive effect of common stock awards		200		-		-		-
Weighted average common shares outstanding – diluted		35,249		35,559		35,255		35,827

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Director stock awards		-		39		45		37
Stock options		-		170		122		200
Performance share units		9		298		276		298
Restricted stock awards		7		332		326		343

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Revenues from products and services	$ 84,229	$ 99,735	$ 254,484	$ 277,454
Leasing	7,066	8,492	23,255	28,899
Total revenues	91,295	108,227	277,739	306,353
Cost of sales:
Total cost of sales	67,211	76,023	205,552	219,271
Selling, general and administrative	20,843	29,105	68,832	77,411
Engineering and product development	3,983	3,754	14,882	12,531
Impairments			7,719
Restructuring and other charges	602	546	34,902	3,961
(Gain) loss on sale of assets	14	(280)	(538)	(1,483)
Foreign currency transaction (gains) and losses	746	(1,143)	(1,679)	(2,079)
Total costs and expenses	93,399	108,005	329,670	309,612
Operating income (loss)	(2,104)	222	(51,931)	(3,259)
Interest income	188	1,906	2,047	6,592
Interest expense	(138)	(26)	(538)	(148)
Income (loss) before income taxes	(2,054)	2,102	(50,422)	3,185
Income tax provision (benefit)	(16,380)	3,412	(30,908)	8,864
Net income (loss)	$ 14,326	$ (1,310)	$ (19,514)	$ (5,679)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.41	$ (0.04)	$ (0.55)	$ (0.16)
Diluted (in dollars per share)	$ 0.41	$ (0.04)	$ (0.55)	$ (0.16)
Weighted average common shares outstanding:
Basic (in shares)	35,049	35,559	35,255	35,827
Diluted (in shares)	35,249	35,559	35,255	35,827
Products
Revenues:
Revenues from products and services	$ 66,451	$ 81,851	$ 197,142	$ 224,518
Cost of sales:
Total cost of sales	50,550	58,632	153,926	163,750
Services
Revenues:
Revenues from products and services	17,778	17,884	57,342	52,936
Cost of sales:
Total cost of sales	9,125	8,451	28,035	27,906
Leasing
Cost of sales:
Total cost of sales	$ 7,536	$ 8,940	$ 23,591	$ 27,615

Income Tax

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax

11. Income Tax

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and includes tax relief provisions and incentives for businesses impacted by COVID-19. The CARES Act includes provisions relating to net operating loss carryback periods which have discretely impacted and increased the effective tax rate by 72.5% in the current period.

The effective tax rate for the three and nine months ended September 30, 2020 was 797.5% and 61.3%, respectively, compared to 162.3% and 278.3%, respectively, for the same period in 2019. The change in the effective tax rate between the periods resulted primarily from discretely recognized tax benefits of Net Operating Losses (“NOLs”), changes in income or loss earned in foreign jurisdictions, impairment losses, changes in valuation allowances in the United States and in various foreign countries, deferred tax accrual for unrepatriated foreign earnings and the mix of earnings in jurisdictions with differing tax rates.

We have historically considered the majority of undistributed earnings of our foreign subsidiaries and equity investees to be indefinitely reinvested, and, accordingly, no deferred taxes had been provided on the indefinitely reinvested earnings. As of June 30, 2020, the Company reversed its indefinite reinvestment assertion. As a result, we recorded a deferred foreign tax liability, which had a balance of $3.8 million as of September 30, 2020, and is primarily related to estimated foreign withholding tax associated with repatriating all non-U.S. earnings back to the United States.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Organization and Basis of Presentation (Details)	9 Months Ended
Organization and Basis of Presentation (Details)	Sep. 30, 2020 Segment Location
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of geographic segments \| Segment	3
Number of headquarter locations \| Location	3

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered drilling and production equipment that is well suited primarily for use in deepwater, harsh environment and severe service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors, diverters and safety valves. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.

The Company’s operations are organized into three geographic segments — Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services, and the Company has major manufacturing facilities in all three of its regional headquarter locations, as well as in Macae, Brazil. The Company’s major subsidiaries are Dril-Quip (Europe) Limited, located in Aberdeen with branches in Azerbaijan, Denmark, Norway and Holland; Dril-Quip Asia-Pacific PTE Ltd., located in Singapore; and Dril-Quip do Brasil LTDA, located in Macae, Brazil. Other operating subsidiaries include TIW Corporation (TIW) and Honing, Inc., both located in Houston, Texas; DQ Holdings Pty. Ltd., located in Perth, Australia; Dril-Quip Cross (Ghana) Ltd., located in Takoradi, Ghana; PT DQ Oilfield Services Indonesia, located in Jakarta, Indonesia; Dril-Quip Egypt for Petroleum Services S.A.E., located in Alexandria, Egypt; Dril-Quip TIW Saudi Arabia Limited, located in Dammam, Kingdom of Saudi Arabia; Dril-Quip Oilfield Services (Tianjin) Co. Ltd., located in Tianjin, China, with branches in Shenzhen and Beijing, China; Dril-Quip Qatar LLC, located in Doha, Qatar; Dril-Quip TIW Mexico S. de R.L.C.V., located in Villahermosa, Mexico; TIW de Venezuela S.A., located in Anaco, Venezuela and with a registered branch located in Ecuador; TIW (UK) Limited, located in Aberdeen, Scotland; TIW Hungary LLC, located in Szolnok, Hungary; and TIW International LLC, with a registered branch located in Singapore.

The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements as of that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair statement of the financial position as of September 30, 2020 and the results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2020 and cash flows for the nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

The outbreak of COVID-19 and its development into a pandemic has continued to result in significant economic disruption globally. Although we have seen some relaxation in the actions taken by various governmental authorities, individuals and companies around the world to prevent the spread of COVID-19, such actions continue to impact our business and have significantly reduced global economic activity and caused global demand for oil and gas to decrease at an unprecedented rate. This demand reduction was further exacerbated by disputes over oil production by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations. Although the OPEC and non-OPEC nations have since agreed upon substantial production cuts to stabilize oil prices, the dispute has led to significant declines and volatility in crude oil prices, resulting in a challenging industry environment. The extent of the impact of the pandemic and the decline in oil prices on our operational and financial performance will depend on future developments, which are uncertain and cannot be predicted. An extended period of economic disruption could have a material adverse impact on our business, results of operations, access to sources of liquidity and overall financial condition.

New Accounting Standards

9 Months Ended

Sep. 30, 2020

Accounting Changes And Error Corrections [Abstract]

New Accounting Standards

3. New Accounting Standards

In June 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04 “Reference Rate Reform (Topic 848).” Topic 848 is effective for fiscal years and interim periods beginning as of March 12, 2020 through December 31, 2022. This update provides optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. It is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. We are currently in the process of assessing the impact of this guidance on our financial position, results of operations and cash flows.

In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740).” Topic 740 is effective for fiscal years and interim periods beginning after December 15, 2020. This update simplifies the accounting for income taxes by removing certain exceptions such as the exception to the incremental approach for intraperiod tax allocation, the exception to the requirement to recognize a deferred tax liability for equity method investments, the exception to the ability not to recognize a deferred tax liability for a foreign subsidiary and the exception to the general methodology for calculating income taxes in an interim period. We are currently in the process of assessing the impact of this guidance on our financial position, results of operations and cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 944
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
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+ Details

Income Tax - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Mar. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unusual Risk Or Uncertainty [Line Items]
Effective tax rate, percent		797.50%	162.30%	61.30%	278.30%
Deferred foreign tax liability		$ 3.8		$ 3.8
Covid 19
Unusual Risk Or Uncertainty [Line Items]
Effective tax rate, percent	72.50%

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 26, 2019
Accounting Policies [Line Items]
Lease revenues	$ 7,066,000		$ 8,492,000	$ 23,255,000	$ 28,899,000
Goodwill impairment loss		$ 7,700,000	0		0
Non-cash inventory write-downs	0		0	17,272,000	0
Long-lived asset write-downs				7,800,000
Severance costs	0		0	8,399,000	1,125,000
Restructuring costs				1,400,000
Restructuring and other charges	$ 602,000		$ 546,000	$ 34,902,000	$ 3,961,000
Shares authorized to be purchased (up to) (in shares)						$ 100,000,000
Treasury stock shares (in shares)	0		75,737	808,389	125,888
Average price of shares (in dollars per share)			$ 44.45	$ 30.91	$ 42.60
Treasury stock, value of acquired shares			$ 3,400,000	$ 25,000,000.0	$ 5,400,000
Reclassified from selling general and administrative cost to foreign currency transaction gain loss			1,100,000		2,100,000
Revenues	$ 84,229,000		99,735,000	254,484,000	277,454,000
Net income (loss)	14,326,000		(1,310,000)	(19,514,000)	(5,679,000)
Out-of-period adjustments
Accounting Policies [Line Items]
Net income (loss)			(1,500,000)
Eastern Hemisphere [Member]
Accounting Policies [Line Items]
Goodwill impairment loss		$ 7,700,000
Running Tools [Member]
Accounting Policies [Line Items]
Lease revenues	6,600,000			21,700,000
Rental Facilities [Member]
Accounting Policies [Line Items]
Lease revenues	500,000			1,600,000
Products
Accounting Policies [Line Items]
Revenues	$ 66,451,000		81,851,000	$ 197,142,000	$ 224,518,000
Products \| Out-of-period adjustments
Accounting Policies [Line Items]
Revenues			$ 3,400,000

Geographic Areas (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting

	Three months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia-Pacific					DQ Corporate						Total
	2020		2019		2020		2019		2020			2019		2020			2019			2020			2019
	(In thousands)
Revenues
Products
Point in Time	$	16,937	$	30,135	$	8,033	$	18,514	$	7,776		$	10,890	$	-		$	-		$	32,746		$	59,539
Over Time		19,158		12,425		5,344		5,143		9,203			4,744		-			-			33,705			22,312
Total Products		36,095		42,560		13,377		23,657		16,979			15,634		-			-			66,451			81,851
Services
Technical Advisory		8,317		8,165		2,285		3,301		2,402			2,050		-			-			13,004			13,516
Reconditioning		2,657		2,892		1,404		1,353		713			123		-			-			4,774			4,368
Total Services (excluding rental tools)		10,974		11,057		3,689		4,654		3,115			2,173		-			-			17,778			17,884
Leasing		5,384		4,658		1,970		2,719		(288	)		1,115		-			-			7,066			8,492
Total Services (including rental tools)		16,358		15,715		5,659		7,373		2,827			3,288		-			-			24,844			26,376
Intercompany		3,060		2,572		1,006		72		4,329			2,458					-			8,395			5,102
Eliminations		-		-		-		-		-			-		(8,395	)		(5,102	)		(8,395	)		(5,102	)
Total Revenues	$	55,513	$	60,847	$	20,042	$	31,102	$	24,135		$	21,380	$	(8,395	)	$	(5,102	)	$	91,295		$	108,227
Depreciation and amortization	$	4,831	$	5,327	$	882	$	970	$	1,265		$	1,240	$	930		$	767		$	7,908		$	8,304
Income (loss) before income taxes	$	3,339	$	3,882	$	3,255	$	11,627	$	5,396		$	6,051	$	(14,044	)	$	(19,458	)	$	(2,054	)	$	2,102

	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere					Asia-Pacific				DQ Corporate						Total
	2020		2019		2020			2019		2020		2019		2020			2019			2020			2019
	(In thousands)
Revenues
Products
Point in Time	$	54,774	$	81,120	$	23,834		$	50,458	$	20,516	$	31,846	$	-		$	-		$	99,124		$	163,424
Over Time		59,590		36,700		21,938			16,357		16,490		8,037		-			-			98,018			61,094
Total Products		114,364		117,820		45,772			66,815		37,006		39,883		-			-			197,142			224,518
Services
Technical Advisory		26,169		22,118		7,718			11,428		8,629		7,331		-			-			42,516			40,877
Reconditioning		8,925		7,945		3,902			3,100		1,999		1,014		-			-			14,826			12,059
Total Services (excluding rental tools)		35,094		30,063		11,620			14,528		10,628		8,345		-			-			57,342			52,936
Leasing		13,819		15,942		6,544			8,804		2,892		4,153		-			-			23,255			28,899
Total Services (including rental tools)		48,913		46,005		18,164			23,332		13,520		12,498		-			-			80,597			81,835
Intercompany		8,691		9,185		2,026			418		9,998		4,237		-			-			20,715			13,840
Eliminations		-		-		-			-		-		-		(20,715	)		(13,840	)		(20,715	)		(13,840	)
Total	$	171,968	$	173,010	$	65,962		$	90,565	$	60,524	$	56,618	$	(20,715	)	$	(13,840	)	$	277,739		$	306,353
Depreciation and amortization	$	15,254	$	16,183	$	2,808		$	3,198	$	3,859	$	3,637	$	2,800		$	2,137		$	24,721		$	25,155
Income (loss) before income taxes	$	16,516	$	12,291	$	(27,415	)	$	25,529	$	12,580	$	17,951	$	(52,103	)	$	(52,586	)	$	(50,422	)	$	3,185

	September 30, 2020			December 31, 2019
	(In thousands)
Total long-lived assets:
Western Hemisphere	$	364,056		$	379,776
Eastern Hemisphere		235,521			246,854
Asia-Pacific		68,898			71,384
Eliminations		(371,938	)		(371,938	)
Total	$	296,537		$	326,076

Total assets:
Western Hemisphere	$	776,385		$	732,716
Eastern Hemisphere		785,576			818,803
Asia-Pacific		189,543			181,188
Eliminations		(591,965	)		(526,142	)
Total	$	1,159,539		$	1,206,565

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (19,514)	$ (5,679)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	24,721	25,155
Release of contingent consideration		(2,001)
Stock-based compensation expense	9,461	15,746
Impairments	7,719
Restructuring and other charges	34,902	162
Gain on sale of assets	(538)	(1,483)
Deferred income taxes	(2,116)	(534)
Changes in operating assets and liabilities:
Trade receivables, net	8,705	7,727
Unbilled receivables	(4,815)	(43,193)
Inventories, net	(38,475)	(15,624)
Prepaids and other assets	(23,185)	12,744
Accounts payable and accrued expenses	(1,169)	13,667
Other, net	2	(63)
Net cash provided by (used in) operating activities	(4,302)	6,624
Investing activities
Purchase of property, plant and equipment	(10,243)	(8,620)
Proceeds from sale of equipment	3,646	2,401
Net cash used in investing activities	(6,597)	(6,219)
Financing activities
Repurchase of common shares	(25,000)	(5,365)
Proceeds from exercise of stock options		2,327
Other	(176)	(239)
Net cash used in financing activities	(25,176)	(3,277)
Effect of exchange rate changes on cash activities	(3,700)	(2,126)
Decrease in cash and cash equivalents	(39,775)	(4,998)
Cash and cash equivalents at beginning of period	398,946	418,100
Cash and cash equivalents at end of period	$ 359,171	$ 413,102

Impairment, Restructuring and Other Charges - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2019
Restructuring And Related Activities [Abstract]
Goodwill impairment loss	$ 7,700,000	$ 0	$ 0

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 84,229	$ 99,735	$ 254,484	$ 277,454
Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	47,069	53,618	149,458	147,883
Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	17,066	28,310	57,392	81,343
Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	20,094	17,807	47,634	48,228
Products
Disaggregation Of Revenue [Line Items]
Revenues	66,451	81,851	197,142	224,518
Products \| Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	36,095	42,561	114,364	117,820
Products \| Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	13,377	23,656	45,772	66,815
Products \| Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	16,979	15,634	37,006	39,883
Services
Disaggregation Of Revenue [Line Items]
Revenues	17,778	17,884	57,342	52,936
Services \| Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	10,974	11,057	35,094	30,063
Services \| Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	3,689	4,654	11,620	14,528
Services \| Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,115	$ 2,173	$ 10,628	$ 8,345

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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-Name Accounting Standards Codification
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+ Details

Asset Backed Loan (ABL) Credit Facility (Details) - ABL Credit Facility - Revolving Credit Facility		9 Months Ended
	Feb. 23, 2018 USD ($)	Sep. 30, 2020 USD ($)
Debt Instrument [Line Items]
Debt instrument, term	5 years
Total commitments	$ 100,000,000.0
Amount available for letters of credit (up to)	$ 10,000,000.0
Fixed charges ratio		1.1
Available borrowing capacity		$ 44,600,000
Letters of credit outstanding		$ 1,000,000.0
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
CB Floating Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
CB Floating Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Eurodollar \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Eurodollar \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized expense	$ 0	$ 0	$ 0	$ 0
Former Chief Operating Officer \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		1,800,000		1,800,000
Former Chief Operating Officer \| Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		2,400,000		2,400,000
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 3,000,000.0	$ 7,700,000	$ 9,500,000	$ 15,700,000

Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Use of Estimates

Revenue Recognition

Lease revenues

Fair Value of Financial Instruments

Goodwill and indefinite-lived intangible assets

Impairment of Long-Lived Assets

Restructuring and Other Charges

Treasury Shares

Earnings Per Share

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Weighted average common shares outstanding – basic		35,049		35,559		35,255		35,827
Dilutive effect of common stock awards		200		-		-		-
Weighted average common shares outstanding – diluted		35,249		35,559		35,255		35,827

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Director stock awards		-		39		45		37
Stock options		-		170		122		200
Performance share units		9		298		276		298
Restricted stock awards		7		332		326		343

Reclassifications

Inventories, net (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 38,456	$ 46,282
Work in progress	53,427	54,171
Finished goods	209,291	175,629
Inventory, gross, Total	301,174	276,082
Less: allowance for slow moving and excess inventory	(82,167)	(71,020)
Total inventory	$ 219,007	$ 205,062

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	35,049	35,559	35,255	35,827
Dilutive effect of common stock awards (in shares)	200	0	0	0
Weighted average common shares outstanding diluted (in shares)	35,249	35,559	35,255	35,827

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

Revenues from contracts with customers (excludes leasing) consisted of the following:

	Three months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	36,095	$	42,561	$	13,377	$	23,656	$	16,979	$	15,634	$	66,451	$	81,851
Service Revenues		10,974		11,057		3,689		4,654		3,115		2,173		17,778		17,884
Total	$	47,069	$	53,618	$	17,066	$	28,310	$	20,094	$	17,807	$	84,229	$	99,735

	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	114,364	$	117,820	$	45,772	$	66,815	$	37,006	$	39,883	$	197,142	$	224,518
Service Revenues		35,094		30,063		11,620		14,528		10,628		8,345		57,342		52,936
Total	$	149,458	$	147,883	$	57,392	$	81,343	$	47,634	$	48,228	$	254,484	$	277,454

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2019	$	136,332
Additions		95,973
Transfers to Trade Receivables, Net		(89,834	)
Contract Assets at September 30, 2020	$	142,471

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		3,596
Revenue Recognized		(3,423	)
Contract Liabilities at September 30, 2020	$	7,074

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $106.3 million and $83.2 million at September 30, 2020 and December 31, 2019, respectively. Unbilled contract assets are transferred to trade receivables, net, when billing milestones are achieved. The contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of September 30, 2020.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $76.5 million as of September 30, 2020. The Company expects to recognize revenue on approximately 81.4% of the remaining performance obligations over the next 12 months and the remaining 18.6% thereafter.

The Company applies the practical expedient available under the revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

- 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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&loc=SL49130554-203045

+ Details

Geographic Areas - Additional Information (Detail)	3 Months Ended			9 Months Ended
Geographic Areas - Additional Information (Detail)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Segment Location	Sep. 30, 2019 USD ($)
Concentration Risk [Line Items]
Number of geographic segments \| Segment				3
Number of headquarter locations \| Location				3
Restructuring and other charges	$ 602,000		$ 546,000	$ 34,902,000	$ 3,961,000
Impairment, restructuring and other charges				42,600,000
Impairment of inventory and long-lived assets				25,100,000
Goodwill impairment loss		$ 7,700,000	0		0
Former Chief Operating Officer
Concentration Risk [Line Items]
Restructuring and other charges					1,100,000
Corporate, Non-Segment
Concentration Risk [Line Items]
Restructuring and other charges			$ 500,000
Impairment, restructuring and other charges				7,100,000
Western Hemisphere
Concentration Risk [Line Items]
Impairment, restructuring and other charges				3,200,000
Impairment of inventory and long-lived assets				2,800,000
Eastern Hemisphere [Member]
Concentration Risk [Line Items]
Impairment, restructuring and other charges				32,100,000
Impairment of inventory and long-lived assets				22,300,000
Goodwill impairment loss		$ 7,700,000
Asia Pacific
Concentration Risk [Line Items]
Impairment, restructuring and other charges				$ 200,000
Consulting Fees
Concentration Risk [Line Items]
Restructuring and other charges					$ 4,000,000.0